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The People's Bank of China Launches a wallet for digital yuan on Android and iOS

The People's Bank of China Launches a wallet for digital yuan on Android and iOS

China continues to develop its cryptocurrency counterpart, the digital yuan or DCEP. Starting January 4, 2022, the Pilot Version of the e-CNY digital wallet (Pilot Version) became available to some Chinese in Shanghai.  

According to Reuters news agency, the e-CNY App (Pilot Version) was developed by the digital currency research institute of the People's Bank of China. The launch of the app will help gather more data about the digital wallet's performance, convenience, and security. The wallet can only be used at certain institutions that accept DCEP payments, including some government entities, stores, and major local banks.   

Recall that the development of a central bank digital currency (CBDC) was launched by the Chinese government back in 2014 when Bitcoin was just starting to gain popularity. At that time, all developments were kept secret until 2019, when Chinese President Xi Jinping revealed the progress made in this area. Two weeks after the announcement, the People's Bank of China announced in a press release its success in creating a centralized cryptocurrency under state control.

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