Digital Yuan Wallet Review – Is CBDC App Safe?

Digital Yuan Wallet Review- Is CBDC App Safe?

China’s Central Bank has gone ahead to release it CBDC wallet app for both android and iOS users. This app is on app stores for download. The launching of the app was part of their plan to get it launched before the Winter Olympics.

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About Digital Yuan (CBDC) Wallet

What is Digital Yuan Wallet?

Digital Yuan Wallet is a CBDC digital currency holder used for storing the coin and also for CBDC transactions.

There has been plans to launch the Digital Yuan wallet since 2014 and has undergone extensive field testing across the whole county. The app testing so far has handled transaction over $5.34 billion as at last checked in June 2021. The statement released by the Central Bank says CBDC has been used for over 70 million payments for more than 1.3 million scenario.

Before now, the wallet app was only available on an special invite use only. But now, the Central Bank are determined to release and showcase China’s first digital currency project just before the Winter Olympic games.

Is CBDC a cryptocurrency?

CBDC is a Chinese digital currency looking at replacing Bitcoin.

Unlike Bitcoin which is a cryptocurrency and it is stored on a decentralized blockchain network, CBDC is not a cryptocurrency. CBDC assets will be issued and stored using a more digital centralized method.

Pros and Cons of Digital Yuan (CBDC) Wallet

Pros of Digital Yuan (CBDC) Wallet
  • The apps looks at competing with traction against the popular dominance of commercial payment apps like Ant Group and Tencent.
  • App is available on app store for easy downloads
  • The App is interface user friendly
Cons of Digital Yuan (CBDC) Wallet
  • The app is still under research
  • Only available to selected users through the chosen institutions that provides money services, this includes major domestic banks.

How safe is Digital Yuan Wallet?

The wallet is so far very safe to use according to feedbacks from the beta users. There have not any report of cyber attack or anyone losing their digital currency.

Can I buy CBDC on Digital Yuan Wallet?

Yes you can. It is linked with your financial institution to offer that smooth transaction by converting your fiat money to CBDC.

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