Digital Yuan money exchange is one of the most frequently downloaded apps in China-

The new Wallet of China's state digital currency quickly developed into one of the most frequently downloaded applications in the country within a few days after it. His use and integration with other apps have contributed to an increase in digital Yuan payments, as media reports reveal.

Introduction of the wallet increases the digital Yuan before the New Year and the Olympic Winter Games

a week after it was offered to the public, the digital Yuan money exchange (E-Cny) was one of the most frequently downloaded apps in China. On Wednesday, one day after his Premiere IOS, reported South China Morning Post citing market researchers. Until Monday it was also the second-frequently downloaded finance app in Xiaomis App Store.

The e-Cny app is generally available for download, but can currently only be used in selected areas. The Digital Currency Research Institute of People’s Bank of China (PBOC), the developer of the software, works with authorities in 10 pilot cities, including Shanghai, Shenzhen, Xiongan, Chengdu, Suzhou and Beijing, where it spent digital Yuan as part of red envelope campaign.

The introduction of the application is part of the efforts to the digital currency of the Chinese central bank ( cbdc ) New moon, which begins on February 1, a popular time to give away red parcels, the publication says. During the one -week vacation, the 2022 Winter Olympics begin in Beijing on February 4th. Visitors to the event locations in the capital can use the e-Cny without having to open a local bank account.

The digital Yuan can also be output via other payment apps such as Alipay and Wechat Pay, which make up 90 % of the Chinese market for mobile payments. The CBDC is also available in the applications of seven Chinese banks - Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China and China Merchants Bank.

According to a report by China.org.cn, e-CNY payments have experienced a “stratospheric increase” since the currency in Chinese mobile apps became available. The state news portal quotes the local service company Meituan, which after integrating its app and the e-Cny wallet recorded an increase in digital Yuan payments by almost 43%. The value of the transactions also increased by more than 64 %in the week before the start

chinas digital yuan is probably the most advanced CBDC in the world, still before similar projects in the USA Uns , EU, and Russia . An official at the PBOC uncovered in November that the digital currency was used for transactions worth almost $ 10 billion. Around 140 million Chinese had opened a digital Yuan account by October. While she was promoting the e-Cny, the government in Beijing started a nationwide About Cryptocurrencies and the associated activities last year.

lubomir Taskensev

lubomir Taskersev is a technically experienced journalist from Eastern Europe, who likes Hitchens' quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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