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It is accessed through the digital yuan app 数字人民币 shuzi renminbi. The digital wallet, called the 数字钱包 shuzi qianbao in Chinese, is an online wallet through which you can keep track of and store e-CNY. How does the digital yuan app and digital wallet work? Sign-up is also possible through WeChat Pay and Alipay-affiliated online banks, but in our trials, you still needed a Chinese bank account in order to top up the digital wallet with these two options. They must be located in one of the 12 pilot cities or areas and have a bank account at one of the approved Chinese banks. As the e-CNY has the same value as the physical RMB, this remains an option for foreign investors looking to buy RMB.įoreigners are able to use e-CNY through the digital yuan app, however, there are a few caveats. However, there are channels through which foreigners can buy and trade in physical RMB – such as buying RMB in cash or buying RMB currency futures. The value of the RMB is pegged to currency baskets, such as the China Foreign Exchange Trade System (CFETS) RMB Index, which includes a number of advanced market currencies, including the US dollar and the euro.Īt the moment, non-Chinese citizens are not able to buy e-CNY.

Unlike many other currencies, the RMB is a fixed exchange rate currency rather than a free-floating currency whose value is determined by the market. The e-CNY has the same valuation as the RMB. As such, it is not a decentralized currency, and it also does not operate on the blockchain. The e-CNY is a type of Central Bank Digital Currency (CBDC) and is issued by the People’s Bank of China (PBOC). The e-CNY forms part of the monetary base (M0) of the country, which means the digital currency makes up a portion of the ‘cash’ that is in circulation. It is designed mainly to be used for high-frequency, small-scale retail purchases and transactions. It is issued by China’s central bank, the People’s Bank of China (PBOC). The e-CNY, also known as the digital yuan and officially called the Digital Currency Electronic Payment (DC/EP), is a digitized version of China’s legal currency, the renminbi (RMB). The digital yuan app is currently only available on Chinese app stores and only available in Chinese. This allows users of Alibaba’s food delivery app ele.me, grocery delivery app Hema Fresh, and e-commerce platforms Taobao and Tmall to pay for orders using the e-CNY – even though the digital currency is a direct competitor to Alibaba’s payment platform, Alipay. In May 2021 it was also announced that the e-CNY would be integrated into Alibaba’s services ecosystem. This pilot program has since gradually been expanded through invites and cash incentives to eventually reach 140 million registered users by October 2021, according to the PBOC. The People’s Bank of China (PBOC), China’s central bank, first began trialing the e-CNY app in April 2020 when it launched internal testing in four cities. With over 1.2 billion users, of which around 750 million are active on a daily basis, this development could give significant exposure to the e-CNY, which some analysts say faces stiff competition from other online payment platforms – including WeChat itself. Shortly after the launch of the app, the Tencent-owned messaging app and payment platform WeChat announced that it would begin allowing users to select e-CNY as a payment option to pay for services. Sign-up is possible through seven traditional commercial banks and two online banks, all Chinese. Users in 23 cities across China, including Shanghai, Beijing, and Shenzhen, can now pay for goods and services with the e-CNY.

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Although the app has been available to some users in China for over a year under limited pilot programs, this is the first time the app is freely available for anyone to download and use in any of the selected pilot cities.

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Tencent-owned WeChat announced it would begin rolling out the e-CNY as a payment option on its platform, introducing the digital currency to over 1.2 billion users.Ģ022 kicked off with a major leap forward for the e-CNY – also known as the digital yuan – as the beta version of the digital yuan app was officially launched for iOS and Android on Chinese app stores. The app is now available to users in 23 cities across China.

China has released the new digital yuan app for iOS and Android on domestic app stores.

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