CBDC Wallet tops in chinese app stores

• The official digital Yuan wallet app ranks 1st in chinese app stores with maximum download
•  Despite the app being in experimental stages, it managed to rank well across major app stores including Xiaomi app store & Huawei mobile store
• China leads the way in the upcoming CBDC deployments.  
• China enables CBDC payments at the 2022 winter olympic games. 

The blockchain industry introduced cryptocurrencies to the world, while they’re now being considered into the asset class. However in a regulatory dispute major governments are hesitant towards cryptocurrencies & insisted to develop their own native currencies using the blockchain know as Central Bank Digital Currency (CBDCs)

Since then China has been persistent to push for its own CBDCs. Recently, an application made exclusively for CBDCs by the Digital currency Institute under the chinese central bank was available for the users to download last Tuesday. 

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Although anybody can download the CBDC application but the digital wallet app for a blockchain based Yuan released its services only in a few selected cities as a pilot version & has managed to become the top most downloaded app on the Chinese app store. However the app is still in its experimental phases where only few individuals are allowed to use the authorized e-CNY as their medium of exchange.

The CBDC application surpassed the Chinese texting app, WeChat developed by Tencent and became the most downloaded app on Apple’s Chinese App Store, just a day after its launch. However later it was overtaken by Kuaishou, a video sharing app on Jan 9. The CBDC application is also the most downloaded app on Xiaomi app store while it ranked 43rd on Huawei’s mobile app store as it jumped by 10 positions. 

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China began its CBDC projects back in 2020 & has managed to get ahead in the race. While major central banks around the world figure out the prospectus offered by a CBDC, China launched its beta trial in 4 cities of Shenzhen, Suzhou, Chendu & Xiongan. The later part of trials have been extremely successful as it facilitated approx $5.3 Billion in transactions. 

Recently, the country plans to enable digital E-CNY based transactions through the app at the 2022 Winter Olympic Games scheduled to be held in Beijing from February. However the Chinese CBDC has become a major concern in the United States where many senior officials have urged the athletes to not use their traditional CBDC app.