People invited to the trial through a lottery on WeChat or other apps were able to click on a link and get a balance of 200 electronic yuan, which was sometimes displayed in their. Beijing Winter Olympic Village is scheduled to open on January 27, and the e-CNY will be piloted in the relevant scenes of the Beijing Winter Olympics. To spend the money, users can use an eCNY app to scan a retailer’s QR code or produce a QR code that the retailer can scan. After the early multi-stage controllable pilot, Tencent began to provide users with e-CNY services. dollar’s leading position in global commerce. Tencent WeChat supports e-CNY payment Recently, e-CNY APP was upgraded, and the e-CNY Wallet on WeBank(WeChat Pay) was launched. Analysts expect the e-CNY digital currency, once it is officially launched, will greatly expand the RMB’s influence in regional trade as well as eventually, around the world as it challenges the U.S. Recently, e-CNY APP was upgraded, and the e-CNY Wallet on WeBank (WeChat Pay) was launched. In development for over six years by the People’s Bank of China, the DCEP project is creating a new digital form of China’s money supply. As a result of China’s progress toward a sovereign digital currency, many countries are now in a race to develop their own CBDC as well. wallets containing 200 digital yuan (31.34) to winners, in another trial for the central banks eCNY, according to a notice on the citys government w. The new digital yuan - now officially known as e-CNY, or digital CNY - is the fruit of China’s ambitious DCEP (Digital Currency, Electronic Payment) project, a Chinese central bank digital currency (CBDC) that many countries, especially China’s rivals, are watching with foreboding and fear. Last month, China staged a similar US$1.5 million giveaway in Suzhou, following a smaller test in Shenzhen. People invited to the trial through a lottery on WeChat or other apps were able to click on a link and get a balance of 200 electronic yuan, which was sometimes displayed in their bank app over a picture of an old-fashioned Chinese bank note with Mao Zedong’s face. The latest test in the tech metropolis of Shenzhen means China - aside from earlier trials involving large banks - has now tested out its new digital yuan on 250,000 shoppers and restaurant-goers in two megacities. ![]() Coinciding with the digital wallet release, the People’s Bank of China unveiled its FinTech Development Plan (2022-2025) today, which shows the importance. People also get to experience the digital yuan on an invitation-only basis.But today, mega apps like WeChatwhich has over 1 billion userscan provide the digital yuan with a huge boost if people begin to pay with it, analysts said. The Peoples Bank of China (PBOC) has been working on its. China concluded another mass retail test of its new digital yuan this week after distributing 100,000 e-CNY “red packets” worth US$3 million. The eCNY is expected to eventually replace the payment rails offered by WeChat Pay and AliPay, the leading digital payment services in the country, Blockworks previously reported. In May 2021, Zhejiang E-Commerce Bank (MYBank), an Alibaba-backed online lender, became the first private bank to join the eCNY tests.
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