The People's Bank of China has taken another important step towards developing its own digital currency and has launched a digital yuan wallet application for use on mobile phones.

The mobile wallet, specially produced for the e-CNY, the Chinese Central Bank Supported digital currency, is available for use in iOS and Android applications and in beta mode.

In the Chinese MB statement, it was emphasized that the developed wallet application is in the pilot phase of research and development and can be used by selected users through institutions that support e-CNY services.

Individual users in China can now "create and manage personal wallets" by downloading this app. According to the information conveyed by Blockbeats; Users will be able to send and receive e-CNY directly from the wallet.

   "The e-CNY app is now available on iOS and Android app stores. This App is the official service platform of China's CBDC for individual users to carry out pilot trials, providing e-CNY personal wallet opening and management, e-CNY exchange and circulation."

China's CBDC 1

e-CNY was developed by the Bank of China and the China Digital Currency Research Institute. Those who want to download this application must be from Shenzhen, Suzhou, Xiong'an, Chengdu, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian and the regions where the Winter Olympics will be held in China. In this context, the Digital Yuan has been officially released for mass use.

Central Bank officials stated in their statement in April 2020 that the digital yuan could be used especially during the 2022 Beijing Winter Olympics. The fact that the wallet has now been released shows that this is exactly the target and that the said area of ​​use can be opened during the Olympics. It is thought that the reason for China's general ban on cryptocurrencies is actually e-CNY.