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CBDC portfolio topped the charts on mobile app stores in China

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The official Yuan digital wallet app, which was released as a pilot version for use in select cities, made it to the top of the app store charts in its first week.

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The official Yuan digital wallet app, which was released as a pilot version for use in select cities, made it to the top of the app store charts in its first week. The app developed by the People's Bank of China's Digital Currency Research Institute (PBoC) was available for download on China's Android and Apple app stores last Tuesday. This app is still in a trial phase and is only available to select people through official e-CNY service providers. While anyone in China can download the app, its use is limited to certain cities.

Despite these limitations, the South China Morning Post reports that e-CNY managed to become the most downloaded app on the Apple App Store the day after its launch, surpassing Tencent's super app WeChat. He was removed from the video-sharing app Kuaishou on Saturday.

Apps on the Xiaomi mobile app store, a popular platform for Chinese Android users, were also successful. According to market researcher Qimai, it topped the list within a day before dropping to second place on Monday. The app took 43rd place on Huawei's mobile store on Monday, increasing 10 places per day. After years of development, China launched a pilot digital yuan in April 2020 and has since been a pioneer in developing a central bank digital currency (CBDC) to the point where it plans to make CBDC payments for the planned winter of 2022 to enable the Beijing Olympics. Games next month.

The digital yuan has even been the subject of debate by some US senators, who signed a letter asking Olympic officials to ban American athletes from using the digital yuan during the event.

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