![]() ![]() You get the QR code directly from one of the 6 partner banks: ICBC, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank. Here's How You Set It Up.Ĭurrently you can't find the app on the app stores directly but have to redeem a special code that you use to get access in APP stores, presumably to limit the numbers of people that start using the currency in the early stages. The actual app is all in Chinese, but at some point, it uses the term "E-CNY" so let's go with that. The English Wikipedia calls it " Digital renminbi" the Chinese Wikipedia calls it " E-CNY". There doesn't seem to be an official English name for it. Amen! In fact, we set up the app without providing a real name, just a phone number, and it worked fine. In our first tests, absolutely no name verification was required. And for any foreigner who's ever struggled with things like real name verification on WeChat and Alipay, there is good news. You don’t need to be a China expert to know that a digital currency run by the government will roll out fast, and most likely take over the dominant position currently held by Tencent and Alibaba's payment systems.Īnd the good news: Foreigners can already use it, with just a few limitations. Different from WeChat Pay and Alipay that are run by private corporations, the digital yuan is issued by the Chinese government through the People’s Bank of China. To exchange cash into e-CNY, users will have to move money from one of the commercial banks authorized by the PBOC to operate and circulate the digital currency, including digital-only banks like Tencent-backed WeBank and Ant-backed MyBank.China has launched its own digital payment method, the Central Bank Digital Currency (数字人民币 in Chinese) and is rolling it out in shops around the country. Though the e-CNY wallet is now downloadable in the Chinese app stores, only users in a list of pilot cities and at the upcoming Winter Olympics venue can actually sign up, top up their accounts and spend the virtual currency at one of the 8 million “pilot scenarios,” such as making purchases on Alibaba and paying Didi rides. echo the international initiative and explore the improvement of cross-border payment.support fair competition, efficiency and safety of retail payment services and.diversify the forms of cash provided to the public by the central bank, satisfy the public’s demand for digital cash and support financial inclusion.Issued by the central bank, it serves as the statutory, digital version of China’s cash in circulation, or “M0” indeed, the regulator intends to make e-yuan payments work even without the internet, using NFC technology.Īccording to a research paper published by the Working Group on e-CNY Research and Development at the central bank last year, the digital yuan aims to: The e-CNY aspires to achieve different results. The PBOC has deemed bitcoin and the likes highly volatile, speculative and lacking intrinsic value, and pointed out that cryptocurrencies could be an instrument of money-laundering. The digital yuan is by no means a manifestation of cryptocurrency, which is banned in China. Then at the start of 2022, in a clear sign of accelerating the trial, the PBOC made the e-CNY wallet available on the iOS and Android stores in China. People needed to enter a draw and apply to be early users in the beginning. ![]() ![]() Over the past two years, China has been piloting the use of digital yuan in a number of major cities, including Shenzhen. One of the fastest-growing apps in China right now, by installs, is the central bank’s digital yuan wallet: 261 million individual users (as opposed to enterprises), about one-fifth of the population, have set up e-CNY wallets so far, and 87.5 billion yuan ($13.78 billion) worth of transactions has been made using the digital fiat currency, Zou Lan, head of financial markets at the People’s Bank of China (PBOC), said at a press event on Tuesday. ![]()
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