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China: Central bank tests CBDC wallet for iOS and Android

 


China is recognized worldwide as a pioneer in the field of digital central bank currency (CBDC) and is making further progress. According to a report by Reuters, the e-CNY app is available as a pilot version for iOS and Android.

During the pilot phase, users can download the wallet and carry out initial field tests with the app. However, access to the software is initially restricted to a selected audience for test purposes and the digital wallet can also only be used for transactions with selected companies and banks.

The aim is to make the CBDC interoperable with the most common payment solutions in order to be able to achieve higher penetration of the market in the long term.

Bitcoin has not suffered well

The Chinese government banned Bitcoin mining in May of last year and later forced the exchanges to withdraw, but Bitcoin cannot be completely removed.

It remains to be seen whether a CBDC can prevail if it does not enter into open competition. As a result, Bitcoin has been allowed to go overboard and consumer choice has been limited.

So while solutions such as the Lightning Network, with which one can process payments quickly and cheaply based on Bitcoin, are being chosen in China, a solution is being chosen that establishes maximum control by the state. A digital euro can be expected in the next two years and it will be exciting to see whether we can at least partially formulate an alternative to this model.

However, if you want full sovereignty over your money in the end, only Bitcoin remains. And if privacy is to play a special role, it will remain with Monero for the time being.

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