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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.īelow we answer some frequently asked questions about the e-CNY and the Chinese government’s intentions with the roll-out of the digital currency. 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 of which are Chinese. The e-CNY will also gradually be expanded to cover the entire provinces of Guangdong, Hebei, Sichuan, and Jiangsu, although the exact timeframe for this rollout has yet to be announced. Users in 23 cities across China, including Shanghai, Beijing, and Shenzhen, can now pay for goods and services with the e-CNY. 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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In his remarks, the vice president stated that he hoped all participating institutions and pilot regions would continue efforts to promote the innovation of digital yuan application scenarios, improve the digital yuan ecosystem, and help to develop the legal digital currency.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 pilot program has already been expanded to cover a total of 23 cities across China, including the cities of Beijing, Shanghai, and Tianjin.

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No time frame for the expansion of the trial program has been announced thus far.

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UPDATE (September 22, 2022): Vice President of the People’s Bank of China announced on September 19 that the digital yuan trial program will gradually be expanded to the whole of Guangdong, Sichuan, Hebei, and Jiangsu – the provinces in which the first four trial cities are located.

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We explain what the e-CNY is, how to use the digital yuan app, and the possibility of widespread uptake of the digital currency. In addition, Tencent-owned WeChat announced it would begin rolling out the e-CNY as a payment option on its platform, further introducing the digital currency to over 1.2 billion users.

Now available to users in 23 cities across China, the app will enable millions of users to use the e-CNY by signing up through a range of commercial banks.

SeptemPosted by China Briefing Written byĬhina has released the new digital yuan app for iOS and Android on domestic app stores.