China's Central Bank (PBOC) has launched pilot programs for mobile wallets that will run on both Android and iOS, according to Reuters. This shows the PBOC is working quickly on launching digital yuan.

The trial version of e-CNY, the Chinese digital currency mobile wallet, has been launched in iOS and Android app stores in China. Individuals in China can download it now and try managing their personal wallets as well as trade and exchange e-CNY, according to sources. CBDC is a currency controlled and issued by the government of the PRC.

According to Twitter handle, BlockBeats, "The e-CNY app is now available on iOS and Android app stores.

This App is the official service platform of China's CBDC for individual users to carry out pilot trials, providing e-CNY personal wallet opening and management, e-CNY exchange and circulation services."

The e-CNY's developer is listed as the Digital Currency Research Institute of the People's Bank of China, the arm of the Central Bank of China.

Currently, only 11 Chinese regions can download the wallet: Shenzhen, Dalian, Shanghai, Hainan, Tru?ng Sa, Xi’an, Suzhou, Xi’an, Chengdu, Qing Island, and the Winter Olympics area.

In spite of the fact that many countries are working on this technology, China was one of the first to prepare a CBDC for public use.

The PBOC Governor stated earlier that China would continue to develop its native centralized cryptocurrency, the stablecoin, and keep working on its design and usage. Digital Currency Electronic Payment (DCEP) will also conform to China's existing payment systems.

Pavan A

CBW - External Analyst

INDIA