The digital yuan wallet (e-CNY), has been downloaded more than a million times in China within the first week of its availability. It became the most downloaded app on Apple’s iOS just a few days after its premiere. According to the South China Morning Post, market researchers cited it as the number one app. It was also the second-most downloaded app in Xiaomi’s App Store by Monday.
Although the e-CNY app can be downloaded widely, it is currently only available in a few areas. The Digital Currency Research Institute of China’s People’s Bank of China, the creator of the software is collaborating in 10 pilot cities, including Shanghai, Shenzhen and Xiongan. It has also distributed digital yuan amounts through red envelope campaigns.
This application was launched to promote the Chinese central banks digital currency ( CB) in advance of the Lunar New Year, which starts on February 1. It is a popular time to gift red packets and publication notes. The Beijing 2022 Winter Olympics will begin on February 4. Visitors to the capital venues will be able use the eCNY without opening a local account.
You can also use the digital yuan to pay for other apps such as Alipay or Wechat Pay. These payment apps account for 90% of China’s mobile payments market. The CBDC can also be found in seven Chinese banks: Agricultural Bank of China and Agricultural Bank of China; China Construction Bank; Bank of China; Bank of China; Bank of Communications; Bank of Communications. China Merchants Bank and China Postal Savings Bank of China are all available.
China.org.cn reports that e-CNY payment have experienced a’stratospheric increase’ in the week since currency was made available on Chinese mobile apps. According to the state-run news portal, Meituan, a local service company, saw a 43% increase in digital yuan payments after it integrated its app with the eCNY wallet. Transactions also saw a 64% increase in value over the week prior to the launch.
China’s digital currency, the yuan, is undoubtedly the most advanced CBDC in the world, surpassing similar projects in the U.S, EU, and Russia. In November, a PBOC official revealed that the digital currency was used in transactions in excess of $10 billion. Around 140 million Chinese had opened digital yuan accounts as of October. The e-CNY was promoted by Beijing’s government. However, last year the government launched a nationwide crackdown against cryptocurrencies and other related activities.