Observers say that having oversight over the currency is an important consideration for the government. The digital yuan is not a type of cryptocurrency, which is run on decentralised systems rather than issued by a central authority.Ĭhina is among the most advanced globally when it comes to rolling out a central bank digital currency.Īccording to the authorities, eCNY is designed to fully meet the public's daily payment needs, make financial services more accessible, and combat money laundering, terrorism financing and tax evasion. It has the same valuation as the renminbi and makes up a small portion of the cash in circulation. The Peoples Bank of China launched the app as it looks to expand usage of the digital yuan. The digital yuan is a digitised version of the renminbi. A E-CNY (pilot version) APP is displayed on a mobile phone, Ganzi, Sichuan Province, China, Jan 4, 2022. This is despite measures that the central bank - which issues the digital currency - has implemented to address concerns over the monitoring of transactions. Users of the latter two apps are already allowed to top up their balances using international credit cards.īut analysts believe that broader adoption of the e-CNY still hinges on the issue of trust in the Chinese government. With this, e-CNY is now as easy to use as the two dominant e-wallets in China - Alipay and WeChat Pay. ![]() ![]() The app can be used for retail payments in a programme piloted in cities such as Beijing, Shanghai and Tianjin. Users no longer need to have a Chinese bank account to top up their balances in the e-CNY smartphone app developed by the central bank. Privacy concerns hamper China's efforts to promote digital yuan The Straits Times | OctoBeijing wants more foreigners to use its digital currency, but obstacles remainīEIJING China's own digital currency has taken a step towards greater use by foreigners, with an update to the official e-CNY app in late September to accept Visa and Mastercard payment options, but overcoming privacy concerns remains an uphill task.
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