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CBDC wallet tops the app charts in China

 


The pilot version of the official China digital yuan wallet app is the most downloaded app in the local mobile app stores.


The official app for the Yuan digital wallet, which was released as a pilot version in selected cities, managed to climb to the top of the app store charts in its first week.


The app was developed by the research institute for digital currencies of the Chinese central bank and was available for download in the Chinese app stores for Android and Apple last Tuesday.


The app is still in a trial phase and is only accessible to selected people via authorized e-CNY service providers. In China, while anyone can download the app, it can only be used in certain cities.


The South China Morning Post reported that, despite these restrictions, e-CNY became the most downloaded app on the Apple App Store just one day after launch, overtaking Tencent's app called WeChat. However, it was again overtaken by the video sharing app Kuaishou on Saturday.


The app was also successful in the Xiaomi mobile app store, a popular platform for Chinese Android users. According to market research firm Qimai, it topped the list within a day and then dropped to second place on Monday. The app was ranked 43rd in Huawei's mobile store on Monday, up 10 places within one day.


After years of development, China launched pilot projects for the digital yuan in April 2020 and has since become a pioneer in the development of digital central bank currencies (CBDC). The country is now planning to enable CBDC payments at the Beijing 2022 Winter Olympics , which take place next month.


The digital yuan was even discussed by several US senators . In a letter they requested that American athletes be banned from using the digital yuan during the event.

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