China is getting increasingly close to launching a digital state currency. The wallet for the digital yuan has been launched via app.
The wallet for the digital yuan
The app is called “e-CNY (pilot version)” and is available for both Android and iOS devices.
According to BlockBeats.info, an information site on blockchain projects in China, the app will allow users to manage the wallet and exchange the digital version of the yuan. It appears to be easy and intuitive, light and fast.
As it is still a pilot version, its use is currently limited to 11 cities including Shenzhen and Shanghai and those that will host the Beijing Olympics.
Users need only register by entering their phone number. They can only connect from one device at a time, so if they log in on another device, the previous one will automatically log out.
The app currently supports 9 banks:
- Industrial and Commercial Bank of China,
- Agricultural Bank of China, Bank of China,
- China Construction Bank,
- Bank of Communications,
- Postal Savings Bank of China,
- China Merchants Bank,
- Internet Commercial Bank (Alipay)
- WeBank (Alipay).
BlockBeats tested the app, both by registering an account and linking it to one of the supported banks, and by making transfers.
Among the many functions, it is possible for example to transfer yuan using NFC, whereby all it takes is to bring the mobile phone close to other enabled devices and with one touch the exchange takes place. The money transaction can also take place offline.
Chinese project goes live
With the launch of the pilot app for the digital yuan, China is officially ushering in the era of digital currency, while also meeting the roadmap that called for everything to be in place by the Beijing Olympics, which begin in exactly one month’s time, on 4 February.
At the moment, 140 million personal wallets have already been opened to accept the digital yuan and 10 million corporate wallets have been opened.
A total of 150 million transactions worth 62 billion yuan ($9 billion) have already been made.
With the app, it is certain that the digital yuan will become available to everyone. All that remains is to see how its use will spread within the country and the repercussions it will have outside.
China is the largest country in the world and this system could disrupt the economy of digital transactions.
Perhaps it will also serve to convince the United States and the European Union to speed up the production and launch of the digital dollar and the digital euro respectively.