China has revealed that it has released a major update for its digital RMB app on major app stores, introducing several new features. The update includes support for more institutions and authentication features.
The update sees the app move out of the beta version and into the pilot phase, with unification across several app stores. The update specifically covers the Android and iOS versions of the digital renminbi app, which was built by the Central Bank Digital Currency (CBDC) Research Institute and operating agencies.
Digital RMB progress accelerating
The digital renminbi CBDC is one of the most advanced projects of its kind in the world, with China having launched several pilot programs. The citizens appear to have a favorable response towards the digital currency, with strong usage numbers in some cities.
The update brings changes that include optimization, UI changes, and the support of more partner financial institutions, including China Merchants Bank and WeBank. Other updates include facial recognition login and verification, voice for receiving money, and auxiliary verification methods, among other things.
The CBDC is currently still in the pilot phase, which seems to be accelerating. There has been no hint as to when an official launch date might be, but it could very well be by the end of the year. China is among many countries that are racing to implement a national digital currency.
CBDCs to be a major talking point of 2022
China is also warding off any use of other digital currencies, having implemented a ban on cryptocurrencies last year. Critics derided the move as backward, while others said it was just another typical move by the country, which has banned cryptocurrencies on several occasions.
Other countries are not taking such a draconian stance. While many are apprehensive about stablecoins, DeFi, and the crypto market in general, they are more flexible in their regulatory approach.
Among the countries and regions deliberating a CBDC are Sweden, India, Nigeria, New Zealand, and the European Union. Some of these are much further along in the development process than others, but it is clear that governments do not want to miss out on the technology.
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