China launches wallet for digital yuan

What

China has launched a pilot version of a wallet for its digital yuan

Why

China is planning to launch its own digital currency

What next

The app is being trialled in 10 areas, including cities like Shanghai and Beijing

The story

China has begun trials of a wallet app that can be used for its proposed cryptocurrency, the digital yuan.

Unlike other cryptocurrencies, it is issued and controlled by the People’s Bank of China. To date China has only carried out a number of trials in the country. It has held lotteries where users in certain cities have been given a small amount of the digital currency to spend. According to posters being placed across the country it will be accepted as currency at the Winter Olympics in Beijing as well.

The country has been no friend of cryptocurrencies over the past few years, outlawing Bitcoin mining and clamping down on trading and holding cryptos as it seeks to establish its own, state controlled network.

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