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The platform handled transactions worth $1.02 trillion (£0.75 trillion) by the end of June 2020.Īccording to Mu Changchun, the Head of the Digital Currency Research Institute, around 140 million Chinese citizens had opened a digital yuan account by October 2021. For instance, Alipay had onboarded 1.3 billion users by July 2020. These apps are already popular among the Chinese population. Notably, Ant Group’s Alipay and Tencent Holdings’ WeChat Pay let users top up their accounts, transfer money, and make payments with QR codes or NFC like the e-CNY app. While the Chinese government has achieved significant milestones with its e-CNY initiative, it will face stiff competition from the private sector. Apart from these cities, the app will also be open to people at all venues of this year’s Winter Olympics, which kick off on February 4 in Beijing. These are Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian. However, new user registrations are limited to designated Chinese cities already trialling e-CNY. This launch is well-timed, seeing as it comes weeks before the Lunar New Year, where people in mainland China exchange monetary gifts in the form of digital red packets dubbed lai see.Īre you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. While the application was initially downloadable through private links, this marks the first time it is open to the public.

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At the moment, the app is available in Android and iOS versions.Īccording to the report, the PBoC’s Digital Research Institute developed the wallet. A report unveiled this news on January 4, noting that the People’s Bank of China (PBoC) rolled out the beta version of the wallet to expand the usage of the digital yuan (e-CNY). Not surprisingly, OKEx was also a censored search word in China, along with other exchanges amid PBOC’s severe crackdown.China is actively pursuing its plans to launch a central bank digital currency (CBDC), with the latest development being the launch of a digital yuan wallet. With nearly 60 exchanges likely to shut down due to this, OKEx, one of China’s biggest exchanges halted its expansion plans in South Korea.

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Incidentally, South Korea has also been working toward stringent regulations, wherein crypto exchanges were staring at a looming registration deadline. South China Morning Post reported that the Hebei province of China had started fresh efforts this week, to clamp down on private crypto miners and traders. Interestingly, all these developments come on the back of the Chinese regulators intensifying its crackdown on private crypto trade and mining. That’s not all, with retail CBDC in the final stage, China had joined the BIS-led wholesale CBDC project earlier this year for cross-border payments. Moreover, the country had distributed at least 18 bundles of e-CNY envelopes worth over $43 million in nine cities to promote digital yuan adoption.

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But, this time e-CNY pilot reportedly expanded, to support daily online and offline payments. The games are taking place between September 15 to 27, with reports of key merchants offering e-CNY payment options. Chinese local media reported another “multi-point” coverage of e-CNY in the 14th National Games.

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Instead, China advanced to become a frontrunner in the CBDC trial and pilot launches globally.

senators had raised concerns with the United States Olympic and Paralympic Committee (USOPC) urging “to forbid American athletes from receiving or using digital yuan during the Beijing Olympics.” Despite fears of nationwide surveillance through government-controlled digital yuan, China didn’t pay any heed to the U.S. Though the white paper published by PBOC in July, had not released a timeline for the final launch, it had emphasized that the project will advance in line with China’s 14th Five-Year Plan. Chinese authorities confirmed in an official release that the launch was in the “sprint stage.” Meanwhile, to increase the adoption of its national e-currency, China had already rolled out the pilot in nine cities.

The winter games are expected to commence in February 2022, with the “convenience” of e-CNY. The country has been eyeing a full-fledged rollout by the time the Beijing Winter Olympics commence. As per reports, China’s eCNY, or digital yuan project was in the pilot stage, and had advanced to include more cities in the trial. Four Chinese cities – Guangzhou, Tianjin, Yiwu, and Fuzhou, are set to become part of China’s digital currency trial.