No more Bitcoin! – The digital Yuan, Chinese state cryptocurrency is now available through a mobile app. With its launch on January 04, 2022, the success of e-CNY is breathtaking! Indeed, in less than a week it is the most downloaded application in China. Bitcoin and other crypto assets remain prohibited. The American State, worried about its dollar, is sulking. We explain to you.
The digital Yuan, crypto state currency is no longer an open secret.
China plans to develop your digital cryptocurrency for several years. As reported by South China Post trials of Chinese virtual currency began in 2020. Always ambitious on this project, the communist state is creating an official application: a CBDC digital wallet currently in trial version. Developed by the People’s Bank of China (PBOC) Digital Currency Research e-CYN is available on Android and Apple.
From the first week, the success of the application is visible. The e-CYN digital wallet can claim to dominate payment apps like Alipay and Wechat Pay. The Chinese state would then have an important monopoly on financial transactions in the future.
The success is great but limited. The application is geographically restricted because tested in a dozen major cities. Usage is also restricted. Some users notice that there is currently no point in keeping their digital yuan on a wallet, as saving is impossible.
The United States wants to stop the machine: the Numerical Yuan at the Olympic Games.
However, some media like the newspaper Cointelegraph emit some reservations about this success. First of all, while the app is available nationwide for download, it’s only allowed in certain cities. Then, the distribution of red envelopes through this is questionable. This Chinese tradition aims to give a cash envelope as a holiday allowance. This year, the red envelopes are therefore distributed in digital yuan in the geographical areas concerned.. Finally, the State is implementing other advantages for e-CYN users (reduction of transport costs, for example).
The development of this application is not innocent since the Winter Olympics in Beijing begin on February 04, 2022. The sites of the Olympic Games are part of the authorized zones.
In this context, the United States sees red and want to stop the machine. The United States senators, in a warning letter, expressed reserve them and ask their athletes not to use the digital Yuan During their stay. Indeed, the Digital Yuan is not only used to hunt for Olympian souvenirs. The function and the tracing possibilities during the Olympics hit the mark and the The Communist State’s numerical stranglehold on American athletes is worrying.
“For the upcoming Beijing Winter Olympics, we are trying to make e-CNY accessible not only to domestic users, but also to international athletes and visitors. »
LI BO, vice-governor of the People’s Bank of China
But the land of the rising sun continues to develop the slot machine. The Communist State’s cryptocurrency raises questions: the problem of protecting the identity of e-CYN users is a continuation of Chinese policy in terms of crypto-assets. Leader in the global race for state virtual currencies, China does not seem to bow down.
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