An electronic wallet for the digital yuan is now available in Chinese app shops. This is a quantum leap forward in the dissemination of virtual assets.

The pilot version of the e_CNY app is now available for Android and iOS users. Thanks to the electronic wallet, internet users will be able to exchange traditional currency into digital one.

The clear, transparent interface should not cause any operating difficulties. The application works quickly, does not crash, or exhibit any other faults. In the pilot version, some features have been limited. The wallet can be used by residents of 11 cities, including Shanghai and Shenzhen.

Converting a traditional currency into a digital one

The wallet works without any problems. In order to use it, the user must first register. To do this, you only need to enter your phone number. You can only connect to the application via one device: logging in on another device results in an automatic logout. Currently, E_CNY supports 9 banks:

  • Industrial and Commercial Bank of China,
  • Agricultural Bank of China, Bank of China,
  • China Construction Bank,
  • Bank of Communications,
  • Postal Savings Bank of China,
  • China Merchants Bank,
  • Internet Commercial Bank (Alipay),
  • WeBank (Alipay).

Specialists gathered around, a website about blockchain projects in China, have already tested the wallet: they created an account, connected it to a bank and completed the transfer. The app includes Many useful features, such as yuan transfers using NFC. To make a transfer, all you have to do is bring your phone close to another feature-enabled device, with neither device needing to be connected to the internet.

Millions of users are already using the wallet

The release of the electronic wallet is an important step in the spread of virtual money in China. The digital equivalent of the yuan is likely to go into circulation before the Beijing Olympics, which are scheduled to begin on February 4. According to statistics, 140 million people and 10 million companies have currently registered with the app.

So far, 150 million transactions worth 62 billion yuan have been made. It is possible that the Chinese Government’s initiative will prompt the European Union and the United States to step up work on the digital euro and digital dollar.

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