Recently, China's central bank released a pilot edition of its digital yuan wallet application on mobile phone app stores as the country steps up its push to develop its own digital currency.
The digital yuan is a central bank digital currency (CBDC), a kind of cryptocurrency issued and controlled by the government of a country. The e-CNY app, has been developed by the People's Bank of China's (PBOC) digital currency research institute. The app is available for download on Chinese Android and Apple app stores.
A report from Reuters informed that since the app is in an experimental research and development phase, it is accessible to select individuals only through authorized e-CNY service providers.
In November, PBOC Governor Yi Gang had said that China would continue to advance the development of its central bank digital currency (CBDC) and improve its design and usage.
While many nations around the globe are investigating the technology, China has taken a significant lead in developing a CBDC for public use.
In contrast, the United States is still contemplating whether or not to introduce a CBDC. The central bank in September said that it was scrutinizing the benefits of bringing a digital dollar and would eventually publish a paper on the subject.