China launches iPhone and Android apps for its digital currency

china launches iphone and android apps for its digital currency

Liu Junfeng / Costfoto/Future Publishing via Getty Images

China has rolled out a pilot version of an app that allows users to store and pay with digital yuan, also known as e-CNY, as reported by the South China Morning Post. And no, the digital yuan isn’t a cryptocurrency — it was developed by the People’s Bank of China (PBOC) to replace banknotes and coins; thus, it isn’t a decentralized form of payment, nor will it operate on the blockchain.

Although it might sound like we already pay with digital cash when we use a credit card or an online payment service like PayPal and Apple Pay, the digital yuan isn’t anything like that. e-CNY is essentially physical cash converted into a digital form, and it’s been in the works since 2014. According to CNBC, distribution of the digital currency will take…

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