��China’s new digital yuan or e-CNY App by the #PBOC earns 5 stars out of five in my review⭐ ⭐ ⭐ ⭐ ⭐ ��

Hey, the new digital yuan app is simply wonderful, and it’s not just me saying it. The app scored a 4.4 out of 5 in China’s Apple app store!

The question that needs to be answered with the e-CNY app is: “Does it bring anything new to the game?

Alipay and WeChat Pay are already great apps, if the e-CNY is going to be accepted it’s got to bring something to the table.

I was quite surprised and frankly, it does!

Watch the video to see the app at work but here are what I think are the major new features that will be important enough that they’ll get some to change.

1) UNLIMITED spending limits! This is perhaps the most mind-blowing feature but according to the PBOC documentation, an e-CNY wallet that fulfills the highest level of KYC will have “unlimited” spending! Want to buy $100k of stock? The e-CNY can do it. (See caveats in video.) Alipay personal accounts top out around RMB 20,000.

2) Selectable limits: A great feature of the app is the ability to set spending limits not just on the entire account but on all of the sub-wallets! This is great since you can budget through the app. A nice feature for money management that the payment platforms don’t have.

3) Anonymity: The PBOC set the anonymous spending limit at RMB 2000, that’s approximately $300. This means that under RMB 2000 your payments are anonymous! The PBOC doesn’t know and doesn’t care. There is no equivalent for the payment platforms or western credit cards! Only cash compares!

Will this make Alipay and WeChat pay obsolete? No way no how!

I think of these payment systems as symbiotic and the e-CNY will draw users who want specific features, or those who work for companies that begin paying in e-CNY.

Whether you like or dislike the e-CNY the app is very slick and people will use it. It does a great job of aggregating your bank accounts and puts all your e-CNY wallets in one place. For convenience, it’s a great start.

One final thought. This is just one wallet, the PBOC version. There will be bank wallets, telecom wallets, and all sorts of wallets in what I have named the “wallet wars.”

All of these wallets want your business and many will be trying to build new platforms. Think of wallets as being “personalized” with features and uses that match the user a big step forward for consumers.

So 5 stars for #PBOC’s e-CNY app but competition is coming!

China’s digital yuan is inching ever closer to rollout – with a pilot version of a central bank-issued app and wallet released on Apple and Android app stores in the country. The People’s Daily, the biggest state-run media outlet in China, reported that all citizens in existing pilot sites could now download and make use of the app. Previous stages of the pilot have required digital yuan users to use digital yuan wallets issued by state-owned commercial banks. The new pilot wallet, however, was issued directly by the central People’s Bank of China (PBoC) – or rather, the department of the bank that is developing the digital token: the PBoC’s Digital Currency Research Institute. The media outlet noted that users could only make use of the app if they were in the following cities: Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao and Dalian. Beijing-based individuals in the parts of the city where the Winter Olympics will be held next month will also be allowed to access the app. The government is hopeful of executing a full rollout in the capital – or possibly nationwide – in time for the games, which begin on February 4. The media outlet called the news a sign of “significant progress,” although it did not put a timeline on a full rollout out, noting instead that “at present, the digital [CNY] is still in its routine testing stage” and “in the research and development phase.”The pilot version, the PBoC indicated, will provide individuals with the chance to familiarize themselves with “wallet opening and management” protocols, as well as “exchange and circulation.”The PBoC is keen to ensure that its digital token can be used by those without smartphone access, and has been testing a range of hardware wallets and smart card-like solutions that will allow for offline usage. Yesterday, C114 reported that China Mobile, the nation’s biggest mobile provider, now has 100m monthly active users of its digital yuan-compatible SIMPAY solution. The solution, which was unveiled in October last year, was developed in conjunction with the Industrial and Commercial Bank of China and allows users to make network-free digital CNY transactions using near-field communication (NFC) technology.- Chinese Central Gov’t Wants to Create ‘Digital Asset Exchanges’ as CBDC Nears- Central Banks Test CBDC as ‘Multiple Assets and Currencies’ Coming For Them- Recent Chinese Bitcoin Court Ruling ‘Not an Isolated Case’ & Part of ‘an Ongoing Trend’- Chinese Banks ‘Educate’ the Public on the Pitfalls of Crypto- Chinese Tech Giants Ready Metaverse, NFT Moves Despite Regulatory Scrutiny- Chinese Communist Party’s Mouthpiece Endorses NFTs in a Surprise Move

All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/chinese-central-banks-digital-yuan-app-hits-apple-android-stores.htm

#digital #cointelegraph #bitcoinstocksymbol #bitcoinconverter #btctonaira #btcstocktwits #

Jeremy Allaire, Circle co-founder and CEO, joins ‘Fast Money to discuss China’s position on digital currency and its efforts to push forward with a digital yuan issued by the country’s central bank. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Foreign travelers to China will be able to use the government-developed digital yuan without a local bank account, the country’s central bank said in a paper published Friday.

Mobile pay has grown rapidly in the last several years to become the dominant form of payment in China. Merchants often prefer not to take cash, while credit cards never took off in China the same way they did in the U.S.

However, the two primary mobile pay apps — operated by Tencent and Alibaba, respectively — typically require a connection with a domestic bank account, preventing foreigner travelers from using the apps easily.

It was not immediately clear when the bankless digital yuan feature would be available. CNBC confirmed, however, that a foreign reporter was already able to access the digital yuan via a domestic bank account.

The People’s Bank of China has been working on developing a digital version of the yuan, known as e-CNY, since 2014. On Friday, the central bank released a paper — in English and Chinese — on the research progress.

“Foreign residents temporarily traveling in China can open an e-CNY wallet to meet daily payment needs without opening a domestic bank account,” the paper said.

The central bank claimed the e-CNY system “collects less transaction information than traditional electronic payment” and that internally, the PBoC keeps information related to the digital yuan separate from other departments.

As of the end of June, following about a year of e-CNY tests across the country, more than 20.87 million personal wallets and more than 3.51 million corporate wallets have been opened, with transaction value of about 34.5 billion yuan ($5.39 billion), the paper said.

Foreigners have generally not be able to participate in state-organized digital yuan handouts or other tests since they were limited to native residents of mainland China, Hong Kong or Macao.

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CNBC’s Eunice Yoon reports on how one consumer in China feels about China’s push to encourage growth of the digital yuan and what it could mean for Chinese tech giants. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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