China’s digital yuan central bank digital currency (CBDC) is in the late stages of its pilot as it readies the e-CNY for use in the Beijing Olympics next month. The digital currency will be usable by both locals and visitors to the games. China Daily, an outlet of the Chinese Communist Party, today published an article that again raises the prospect of the digital yuan undermining dollar dominance.
In the last few days, the central bank’s e-CNY digital wallet has launched in the Android and Apple app stores, although it’s only available in pilot regions and users are still whitelisted. Additionally, yesterday Tencent made the digital yuan more widely available in WeChat Pay, the main chat app used in China. Users have to open a WeBank digital renminbi wallet with real name activation. As of the end of October, 140 million wallets had been opened with another 10 million corporate wallets.
Todays’ English language China Daily article states that the “digital yuan also offers the prospect of the Chinese currency becoming a global payment method to rival the dominant US dollar.”
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