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January 4, 2022 07:58 pm
Original Link: https://www.theverge.com/2022/1/4/22866757/china-digital-currency-yuan-iphone-android-apps
China launches iPhone and Android apps for its digital currency
China has rolled out a pilot version of an app that allows users to store and pay with digital yuan, also known as e-CNY, as reported by the South China Morning Post. And no, the digital yuan isn’t a cryptocurrency — it was developed by the People’s Bank of China (PBOC) to replace banknotes and coins; thus, it isn’t a decentralized form of payment, nor will it operate on the blockchain.
Although it might sound like we already pay with digital cash when we use a credit card or an online payment service like PayPal and Apple Pay, the digital yuan isn’t anything like that. e-CNY is essentially physical cash converted into a digital form, and it’s been in the works since 2014. According to CNBC, distribution of the digital currency will take...
Original Link: https://www.theverge.com/2022/1/4/22866757/china-digital-currency-yuan-iphone-android-apps
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