BEIJING, China—The People’s Bank of China has formally released its app for the digital Yuan.
The central bank has introduced the e-CNY app for IOS and Android devices, Coin Rivet reported.
While still a pilot version, the app represents a huge progression on the road to the Chinese central bank digital currency—a replacement for now-banned cryptocurrencies in this country, Coin Rivet said.
Select retail-level users in China will have the opportunity to engage with the digital Yuan for the first time, alongside other institutional users such as major banks, according to the report. The project is being piloted in Beijing, Shanghai and Shenzhen, with a national rollout planned for later in the year.
Yi Gang, the governor of the People’s Bank of China, was quoted by Coin Rivet as saying the e-CNY was still focused on tackling complex issues of anti-money laundering within the context of a viable means of cross-border digital payments.
“Cross-border and international use is more complicated, as it involves legal issues such as anti-money laundering and know-your-customer. The international community is also having deeper discussions,” he told the publication.