China’s digital yuan wallets are designed to ensure everyone can use them and in different formats, according to Mu Changchun, director-general of the central bank’s Digital Currency Research Institute. The e-yuan can be stored in various kinds of wallets, including physical or digital, and personal or public ones, Mu said Friday at the Lujiazui Forum in Shanghai, reported Bloomberg. The People’s Bank of China has been working on its CBDC for many years and is now on the verge of issuing it to the general public.
“The wallets are designed to satisfy different demands.”
The wallets are designed to satisfy different demands. Users can apply for them based on their credit limits, purposes of use, or preferences for a physical one or a digital one, Mu Changchun, director-general of the central bank’s Digital Currency Research Institute, said. The People’s Bank of China is conducting digital yuan trials in several major cities, including Beijing, ahead of a possible wider rollout of the program at the Beijing Winter Olympics next year. Several other countries are closely monitoring the Chinese digital yuan experiment as central banks across countries work on their CBDCs.
China will hand out $6.2 million of its digital currency to citizens in Beijing.
As reported earlier, China will hand out 40 million renminbi ($6.2 million) of its digital currency to citizens in Beijing in a lottery. Residents of the Chinese capital can use two banking apps to apply to win one of 200,000 so-called red packets as part of the lottery, according to the Beijing Local Financial Supervision and Administration Bureau. The world’s second-largest economy, China, is yet to do a nationwide rollout of the digital yuan. Several other countries, including Japan, South Korea, United States, are actively researching CBDCs.