China’s e-yuan wallet becomes most downloaded app

The official digital yuan wallet app has climbed to the very top of the Chinese Android and Apple app stores, after it launched last Tuesday.

The e-CNY digital wallet managed to outstrip even Tencent’s WeChat as the most downloaded app on the store, the South China Morning Post reported.

The app managed to win users across the Xiaomi’s app store as well, and it managed to break the top 30 apps on the Huawei’s mobile store.

China may use Macau as a test ground for its digital yuan and bring the special administrative region into the fold of the country’s CBDC.

The Digital Currency Research Institute of the People’s Bank of China (PBoC) has been working on a digital wallet solution that will allow more people to switch to the country’s e-yuan, Beijing’s attempt to introduce a central bank digital currency en masse.

The currency, which China wants to use to replace paper money and conventional payment methods, had been in development for several years before launching as a pilot in April 2020.

Beijing is planning to allow the e-yuan as a valid payment option during the 2020 Winter Olympic Games which will be hosted in Beijing in February.

The original announcement prompted the US to condemn the use of e-yuan and ask Olympic officials to bar US athletes from using it, describing the currency as “not safe”.

This immediately caused a rift in relations between the two countries, with Chinese officials openly criticizing US senators by saying that they did not know how cryptocurrencies worked.

According to Beijing officials the “lack of privacy” the US speaks of is on a purely technical level that does not concern the everyday citizen. Trading jabs with the US has not done anything to stop the e-CNY digital wallet popularity.

In the meantime, if you want to use cryptocurrencies yourself, we recommend turning to Bitcasino, 1xBit or FortuneJack.

Source

Updated: 01/11/2022 — 12:00