The news has just broken that the Central Bank of China, or the People’s Bank of China (PBoC), has launched the highly integrated version of its digital Yuan app.
The upgraded version of the digital Yuan app will now include gift functions. This upgrade is to expand the adoption of upcoming crypto initiatives.
The news has also been confirmed by one of the leading Chinese newspapers’ Beijing Business Today.’
The newspaper also added that the app, launched earlier in January this year, has undergone another upgradation.
This is the app’s second facelift; the first upgrade was made in March of this year when developers upgraded the app’s user interface.
The UI improvement was made to make the app easily operable. However, the recent upgradation is more operational in nature.
It will pave the way for greater adoption of various social media and digital media platforms.
What is the Most Significant Feature of This Current Upgrade?
Adding a new function is the most prominent feature of this upgrade. This will enable users to send cash gifts to other users.
Users will be able to send cash gifts by using e-gift cards or also the ‘red envelopes.’
This is also a move by the Chinese authorities to bring their culture to the digital space. “Red envelopes” hold integral importance in Chinese culture.
The Chinese must send their fellow men and women red envelopes containing cash.
Red envelopes are exchanged on occasions such as Christmas, Marriages, or any other social event.
Enhanced Social Interaction Using Blockchain Technology
The developers view this upgradation as a landmark feat because this will pave the way for enhanced social interaction.
They believe that blockchain technology should include more than just money-making. These custom-designed red boxes will enable users to exchange digital Yuan as gifts.
Moreover, those who will receive the digital tokens will receive a message saying, “I wish this year you experience significant growth in your wealth. “This is a customary wish for the New Year.
Moreover, these envelopes can be shared using other digital platforms, such as Tencent’s QQ and WeChat.
Those who receive these gifts will then be required to download the digital Yuan app and collect them.
However, those who already have digital Yuan wallets in their smartphones can directly collect their gift.
PBoP is On the Mission to Intensify Digital Yuan App
The second most significant feature that has been added to the app is a customized avatar. The new advancement will allow users to choose their favorite aviators from the six given avatars.
The chosen avatar will be the digital representation of that specific person on the app’s UI and other related platforms.
Moreover, people will also be able to earn gifts as a reward, which means those who use the app frequently will be subjected to gifts.
More downloads, more transactions, and more use time mean higher opportunities to customize your avatars per your needs.
Those who can convince at least three more people to download the digital Yuan app will unlock the additional features to decorate their avatars, apart from earning the digital Yuan portion as a gift.
This newly taken initiative has focused on bringing people together. It has also provided users with interesting features so more and more people can become part of the digital Yuan initiative.
This will enhance the overall adoption of the digital Yuan. The price of digital Yuan is directly linked to increased adoption.
Experts are hopeful that this newly launched play-to-earn feature introduced by the developers will significantly change the dynamics of the digital Yuan.
The newspaper that broke this story also said that some other interesting features are currently under development and will be launched soon.
Over the past couple of years, China has hunted the private crypto tokens down so that the digital Yuan faces minimal competition in the industry.