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China releases wallet app for its digital yuan currency

By Zach Halaschak
Published January 4, 2022 6:09pm ET
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China releases wallet app for its digital yuan currency
A visitor passes by a logo for the e-CNY, a digital version of the Chinese Yuan, displayed during a trade fair in Beijing, China, Sunday, Sept. 5, 2021. China's central bank on Friday, Sept. 24, 2021 declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. It is developing an electronic version of the country's yuan for cashless transactions that can be tracked and controlled by Beijing. | (Ng Han Guan/AP)

China has launched a pilot application of a wallet designed to allow users to spend the central bank’s digital currency, which is under development.

The “e-CNY (pilot version)” app was released in China on Tuesday for download on iOS and Android stores. The People’s Bank of China has been working on a central bank digital currency for years and envisions its citizenry eventually using the technology to pay for goods and services without physical coins and bills.

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Bitcoin China Cryptocurrency Money