New user registrations are available in designated cities that are testing the digital yuan. Some of these cities are Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao and Dalian, in addition to all the venues for the Winter Olympics, according to the information.
As noted, users can download the app to test “personal wallet opening and management” and “e-CNY circulation and exchange services.” At the moment, the app is enabled by selected users through “supported institutions that provide the e-CNY service.” This includes the main national banks. The application itself indicates that it is in a “research and development pilot phase”.
At present, the e-CNY system will be used mainly for consumer spending in China’s retail sector, Yi explained, according to a note on the site Diariobitcoin.com. Another novelty is that the digital yuan will be available to foreign visitors who do not have a Chinese bank account during the Winter Olympics. The games are scheduled to begin on February 4.
About 140 million Chinese residents opened a digital account in yuan, according to data dating back to October 2021, with cumulative transactions reaching nearly CNY 62 billion ($ 9.7 billion), SCMP noted. It should be noted that the digital yuan is a central bank digital currency, unlike Bitcoin (CRYPTO: BTC), which is a decentralized cryptocurrency.
China banned Bitcoin several times last year, prompting miners of the apex coin to relocate their base to other countries such as the United States, Russia, and Kazakhstan.
Source From: Ambito
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