“Digital Yuan” Lands on Apple and Google App Stores

“Digital Yuan” Lands on Apple and Google App Stores

iPhone and Android phone users in China can download an app from the App Store or Google Play to use the digital yuan

iPhone and Android phone users in China can buy Apple Inc (NASDAQ: APL) and Google parent Alphabet Inc (NASDAQ:) (NASDAQ:) (NASDAQ:) on their respective ‘respective app markets download the app’s app to use digital.

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According to the South China Morning Post, the e-RMB app was previously available for download via a private link, but is now available to users on the App Store and Google Play.​

New user registration is available in designated cities where the digital yuan is being tested. It is understood that in addition to all the venues of the Winter Olympics, some of these cities are Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao and Dalian.

During the Winter Olympics, foreign tourists without Chinese bank accounts will reportedly be able to use the digital yuan. The competition is scheduled to start on February 4.

The launch of the digital yuan on Apple and Google platforms comes ahead of the Lunar New Year, when people exchange gifts in the form of money.

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According to the South China Morning Post, according to data dating back to October 2021, about 140 million Chinese residents have opened digital yuan accounts, with a cumulative transaction value of nearly 62 billion yuan ($9.7 billion).

By contrast, Alibaba Group Holding Ltd.

According to Ant Group’s IPO filing, 1.3 billion users were reported in July 2020, and payments on the platform reached 118 billion yuan ($18.6 billion) by the end of June.

Chinese authorities have been trying to attract user interest in the digital yuan through lotteries. In October, Shenzhen distributed 50,000 digital red packets containing 200 yuan ($31.50) each, while Suzhou issued 20 million yuan to its 100,000 residents two months later, according to the South China Morning Post. ($3.15 million).

It should be noted that the digital yuan is a central bank digital currency, which is different from bitcoin. bitcoin

, which is a decentralized cryptocurrency.

China has banned bitcoin several times over the past year, causing apex miners to relocate their bases to other countries such as the United States, Russia and Kazakhstan.

price fluctuation​
Shares of Apple closed down nearly 1.3% at $179.70 in regular trading on Tuesday, before falling another 0.2% in after-hours trading. On the same day, Alphabet Class A shares fell nearly 0.4% to $2,887.99 in regular trading. The company’s Class C shares were down 0.45% at $2,888.33 in regular trading.​

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