Use of China’s yuan mobile app is expanded

by: Dynasty GI2021-09-18
This month saw China taking another tentative step towards making its standalone digital yuan mobile app more widely available.
According to specialist crypto news site The Block, the move to open access to the app to 10% of the population is only the latest in a long and gradual rollout of China’s Central Bank digital currency.
The expansion of the app follows a deal between a food delivery and bike sharing app, Meituan, and the People’s Bank of China that, in practice, made the wallet available for download and use by residents in nine major Chinese cities. The app also has new features such as smart contract-enabled payments and ‘sub-wallets’ that make digital currency payments easier.
"“The recent crackdown on bitcoin mining by the Chinese authorities was mistaken by some as Beijing’s opposition to cryptocurrencies. That is not the case as no doubt the Chinese government wants to develop and grow its own digital currency but in its own terms”, commented Dynasty Global Investments AG’s CEO and co-founder, Eduardo Carvalho."
The digital yuan those with the app are able to use is also known as e-CNY and is part of China’s plans to expand its presence in the digital currency world beyond its own borders whilst also regulating the sector.


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