Great discussing the recent launch of China’s new digital yuan app with Forkast.News! The app launched and promptly went number one in China’s app stores for about a week!
This is a great vote of confidence for the new e-CNY. Still, there aren’t a lot of places to use the e-CNY so be patient for broader adoption!
“Digital yuan use during the trial period will likely have a slow but steady uptake in China as people already have access to great digital payment through the payment platforms,” Richard Turrin, a Shanghai-based fintech consultant who’s published “Cashless: China’s Digital Currency Revolution,” told Forkast.News.
“It is important to understand that these are trials and not all stores accept the e-CNY yet, so people will be hesitant to switch,” Turrin said, adding that once the e-CNY system goes live throughout the country, one can expect steady growth in part generated by payments for salary, transportation and social services. “Eventually salaries will be paid in e-CNY as shown by the trials JD.com has already carried out,” he added.
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