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China is leading among other nations with its central bank digital currency. Last year, the government of the nation introduced its first national digital currency, digital yuan. As the nation steps up its efforts to create a CBDC, it has made a notable announcement on Tuesday. According to which, the nation has released a pilot edition of its CBDC wallet application. Indeed, the application is now available on mobile phones, and can be downloaded through Android Play Store, and Apple App Store.
PBoC developed the pilot version of e-CNY app
The Chinese central bank’s digital currency research institute developed the pilot version of the e-CNY application. Notably, the People’s Bank of China (PBoC) has made the app available to download on Chinese Android and Apple app stores on Tuesday in Shanghai.
According to a recent tweet from BlockBeats, a local news outlet, individual users of the digital yuan in China can use the application. Users can download an earlier version of the app to test opening and managing a personal wallet, alongwith CBDC transactions.
However, the application claims it is in an experimental beta version. Indeed, it’s going through the research and development phase. Hence, it is only accessible to selected individuals through the authorized digital yuan wallet service providers.
China will continue to improve its CBDC design
According to a statement released last year by Yi Gang, Chinese central bank’s governor, China will continue to develop its digital yuan. The nation will actively work on improving the design and usage of the CBDC. Moreover, soon the nation would also include enhancing interoperability with current payment systems.
In the year end meeting, the central unveiled plans that it will continue to push for the further development of the CBDC. The nation has taken an essential lead in creating digital yuan for public use, outstripping the majority of nations. Which is still in the research stages of the digital yuan.
According to PBoC, the digital currency could be used during the Beijing Winter Olympics in 2022.
US senators are concerned about CBDC
However, the senators from the US seem concerned about this central bank digital currency. Following China’s digital yuan, the US underscored that their athletes should not utilize the currency at an event hosted in China.
Besides, the FED is also contemplating whether or not to introduce a CBDC for the US. However, the nation is scrutinizing the benefits of creating such currency and would soon share a paper on the subject.
