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The launch of the digital state currency in China is becoming more and more real. A pilot version of the digital yuan wallet app called e-CNY is now available.
Pilot version of the e-CNY application
China is getting closer to introducing the digital state currency. This is evidenced by the fact that a pilot version of the e-CNY application has recently been launched, through which digital yuan is available. It is supported by both Android and IOS devices. Thanks to it, users will be able to manage the wallet as well as exchange digital currency.
The e-CNY application is currently considered simple, and even intuitive to use. Its users only need to register by entering their phone number. Connection with the platform is possible only from one device at the same time, which means that when logging in on another, a given person will be automatically logged out from the previous one.
Nevertheless, the project is still a pilot project, currently only covering 11 cities. This group includes Shenzhen, Shanghai, and the cities that will host the Olympic Games.
Test phase
In the current version, e-CNY supports nine banks, which are: 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 and WeBank. The application was tested by the BlockBeats platform, which undertook to register the account and conduct transactions on it.
The program has many interesting features, one of them is the ability to transfer yuan via NFC, and this operation can be carried out with a mobile phone. The transaction can also be carried out offline.
An important step by China. What will be the effects of the digital yuan?
Testing digital yuan applications can be seen as China's entry into a new era of digital currency. At the same time, e-CNY is part of the extensive preparations for this year's Olympic Games, which will be held in Beijing.
At the moment, in order to accept digital yuan, 140 personal wallets and 10 million corporate wallets have already been opened. In total, 150 million transactions were carried out with a value of 62 billion yuan.
Thanks to the application, the digital yuan will become widely available to Chinese citizens. For now, it is difficult to clearly predict what the consequences will be, both nationally and internationally. It must not be forgotten that the People's Republic of China is the largest country in the world, therefore the introduction of the digital yuan will certainly not remain indifferent to the area of digital transactions. It cannot be ruled out that it will accelerate the introduction of the digital dollar and the digital euro.
