Image: Visual China
BEIJING, January 5, 2022 (TMTPOST) — China’s digital RMB app has started trial operation on Tuesday in 11 pilot areas across the country. The app is available on both Apple App Store and Android app marketplaces for download.
Users can quickly register an account on the digital RMB app by providing their phone number, setting up and password and agreeing to the app’s user agreement. Users do not need to provide personal information such as name, national ID and bank account number, etc. to register on the app. It takes only a few seconds for users to complete the registration process and start using the app. Users can also upgrade their digital RMB wallet to a version registered with their national ID if they find it necessary.
The digital RMB app is the official platform for the personal use of China’s digital fiat money. The app allows users to set up an account, manage and exchange RMB.
The app can now be used in 11 pilot areas in China, which are Suzhou, Xiong'an New Area, Chengdu, Shanghai, Hainan Province, Changsha, Xi’an, Qingdao, Dalian and Olympic Winter Games venues (Beijing and Zhangjiakou). The service is provided by a number of Chinese banks, including the Industrial and Commercial Bank of China, the Agricultural Bank of China and the China Construction Bank.
China’s digital RMB (renminbi) is a central bank digital currency issued by China's central bank, the People's Bank of China. It is the first digital currency to be issued by a major economy. It started undergoing public testing as of April 2021. As a legal tender, digital RMB has equivalent value with other forms of the renminbi, also known as the Chinese yuan (CNY), such as bills and coins.
The digital yuan is designed to move instantaneously in both domestic and international transactions. It aims to be cheaper and faster than existing financial transactions. The technology enables transactions to take place between two offline devices.
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