Digital Yuan wallet

Digital Yuan wallet is at the top among most downloaded Apps in China

Digital Yuan wallet is among the most downloaded Apps in China within days of its launch. Recently Central Bank of China partnered with Alipay and Wechat to increase the digital Yuan payments in the country.

A few days ago, social media giant WeChat announced that they have partnered up with the Central Bank of China to increase the use of Digital Yuan. Alibaba’s digital payment system also announced its support for the e-CNY wallet. The South China Morning Post has reported that the Digital Yuan wallet application is among the most downloaded Apps in China within a few days of its launch.

Digital Yuan wallet is at the top among most downloaded Apps:

Digital Yuan wallet number of downloads has acceded from Tencent’s WeChat. By Monday, it e-CNY App was the second most downloaded application in Xiaomi’s app store. The Digital Currency Research Institute of the People’s Bank of China (PBOC), the developer of the software, is collaborating with authorities in 10 pilot cities including Shanghai, Shenzhen, Xiongan, Chengdu, Suzhou, and Beijing, where it has handed out digital yuan amounts as part of red envelope campaigns.

Digital Yuan wallet

CBDC of China is set to launch ahead of the Lunar New Year which will begin on Feb 1. On February 4, the Beijing 2022 winter Olympics will also start. Visitors at the venues in the capital will be able to use the e-CNY without having to open a local bank account.

China’s digital yuan is arguably the world’s most advanced CBDC, ahead of similar projects in the U.S., EU, and Russia. An official at the PBOC revealed in November that the digital currency had been used in transactions worth nearly $10 billion.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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