The Chinese digital yuan app is now available on all Apple and Android stores in the country as we are reading more in our latest cryptocurrency news.
The Chinese digital yuan app is now available on Apple and Android stores which means the pilot version of the currency and wallet is getting closer to a rollout. The People’s Daily as the biggest state-run media outlet In China reported that the people in existing pilot sites could not download and use the app. Previous stages of the pilot required digital yuan users to use the wallets issued by the state-owned commercial banks. The new pilot wallet was issued directly by the central bank or the department of the bank that is developing the digital token which is the PBOC Digital Currency Research Institute.
The media outlet noted that the users can make use of the app if they are living in Haian, Shanghai, Chengdu, Xiong’an, Suzhou, Shenzhen, Qingdao, and Dalian. The Bejing-based individuals in the parts of the city where the Winter Olympics will be held will also be allowed to access the app. The government is hopeful of executing a full rollout in the capital or nationwide just in time when the games will start. The media outlet called the news a sign of significant progress but it didn’t put a timeline on the rollout noting that right now, the digital YUAN is still in its routine testing stage and also in the research and development phase.
The pilot version as PBoC indicated, will provide the individuals with some chance to familiarize themselves with the wallet opening and management protocols but also exchange and circulation. The PboC is keen to ensure that the digital token can be used by those that don’t have smartphone access and have been testing a range of hardware wallets and smart card-like solutions which will allow for offline usage. The reports also show that the nation’s biggest mobile provider now has 100 million monthly active users on the digital yuan compatible SIMPAY solution. The solution unveiled that it was developed in conjunction with the industrial and Commercial Bank of China and allows users to make network-free CNY transactions using near-field communication technology.
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