How To Start Using The Digital Yuan (May 2022)

How To Start Using The Digital Yuan (May 2022)

This is a brief guide on how to begin using the Digital Yuan as of May 2022.

Download The E-CNY App:

A person seeking to begin using Digital Yuan must first download the E-CNY App on iOS or Android. The app was released in January of 2022.

Activating E-CNY Payments On Preferred Apps

Once an aspiring user has downloaded the app, they can then create a Digital Yuan wallet with WeBank – the virtual bank backed by Tencent – to start using E-CNY with WeChat.

Users can create multiple such wallets with each app they wish to use E-CNY with. For example, if someone wishes to start using digital yuan for Meituan’s food delivery, they may open a corresponding wallet.

Enjoy Greener, More Secure Financial Transactions With Digital Yuan

Digital Yuan is a largely account-based Central Bank Digital Currency that allows users to make secure online financial transactions without counterparty risk. These payments are much more eco-friendly as they forgo all necessity for physical money that requires large amounts of natural resources to produce, mint, and distribute.

Transactions and user safety are further secured through the People’s Bank of China (PBOC).

As of May 2022, this is how the digital yuan transactions are being made.

Read More About The E-CNY App Launch