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Central Bank of China Releases First Public Version of Yuan Digital Portfolio

Central Bank of China Launches First Public Version of Yuan Digital Portfolio

As China struggles to ban all cryptomede and cryptoactive miners from its territory, the country's central bank has intensified its efforts to create and expand the use of the nation's CBDC, Yuan Digital.

So the country officially launched a pilot edition of its Yuan digital wallet app in mobile app stores.

Therefore, the research institute that has been conducting all testing and implementation of the Chinese CBDC at the People's Bank of China (PBoC) developed the app called “e-CNY (pilot version)”, which was available for download from Chinese Android app stores and Apple.

So, according to a tweet from BlockBeats, a local news source, individual users in China can now download a version of the app to test opening and managing a personal wallet as well as digital Yuan transactions.

So this would be the first time China has released a public version of its digital currency applications.

However, according to a Reuters report, the app claims that it is in an experimental research and development phase, and can only be accessed by selected individuals through authorized e-CNY service providers.

CBDC

Thus, in late fall 2021, PBoC Governor Yi Gang declared that the country would continue to develop its central bank digital currency ( CBDC )

Therefore, he highlighted that the tests and release of the CBDC that were being announced helped the government to improve the design and use, including improving interoperability with current payment systems.

Thus, the PBoC announced at a year-end meeting that it would continue to refine and advance testing, releasing the CBDC to more people, in order to accelerate its development towards the country's first major public testing at the Winter Olympics.

So while Brazil has also announced CBDC trials this year, China has taken a significant lead in developing a Central Bank Digital Currency, surpassing most countries that are still in the research stages of a CBDC.

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