Tencent to Launch a Wallet for the Digital Yuan
Main page Technologies, China, Stablecoins

Chinese tech giant Tencent has just announced it is working on a cryptocurrency wallet to store digital yuans, Finextra has reported.

The company has developed the application for China's national digital currency and is conducting closed beta testing of the software. For this reason, it is currently unknown when the official launch of the solution might take place.

However, local publication Sina has reported the Digital Yuan Wallet will work similarly to a classic bank account and will support a large number of different payment instruments.

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The Chinese authorities started testing the digital yuan or e-CNY during the Beijing Winter Olympics, which started last February 6. In April, Tencent integrated the possibility of executing transactions with the CBDC into the WeChat messenger. As a result, the volume of transfers with the crypto created by the central bank began to grow rapidly and recently exceeded $13.6 billion.

The launch of the Digital Yuan Wallet will allow Tencent to attract new customers to its platforms.

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