Crypto App Tops Apple’s Download Charts In China
The power of sheer numbers is best explained by the legend of sheikh Ibn Khallikan. This Sufi ruler, who lived in the area we now know as Iraq around the 12th century, asked one of his generals what to give him for a brilliant victory against his enemies. The unnamed general claimed he wanted a single straw of wheat and place it on the first square of a chessboard. He then asked the sheikh to double his prize for every square of the chessboard. There are 64 squares on a chessboard.
Ibn Khallikan laughs it off as a meager prize for a brilliant victory, only to have court treasurers report the unexpectedly huge number of wheat grains would outstrip the ruler’s resources.
Lunar New Year
Such is also the power of the Chinese population for anything that’s popular in the country. When 1.4 billion citizens all decide they must have something, you’re going to need a whole lot of it to keep them satisfied.
Linlin's pick: China to roll out e-yuan at Winter Olympics https://t.co/OjJMtBe2Bn— Linlin Wills (@LinlinWills) January 11, 2022
Therefore, if you though that nothing could beat WeChat or Didi as the most downloaded app on the Chinese version of Apple’s app store, think again. The e-Yuan, the digital wallet of the Chinese government, which allows users to pay for goods using cryptocurrency and, importantly, to transfer money to other users, has dominated the download charts on both Apple and Xiaomi app stores since the beginning of the year.
Will the introduction of China's e-Yuan digital currency ultimately re-shape global banking and the dominance of the US dollar? #iglobenews #ecurrency #eyuan #digitalcurrency #banking #futureofbanking #swift #futureofbanking https://t.co/svPhNiiy9g— iGlobenews (@iglobenews) January 10, 2022
It comes as the Lunar New Year is set to be celebrated very early this year, and the Chinese are eager to use the e-CNY wallet to transfer money to each other while several cities are under strict lockdowns.
According to the South China Morning Post:
Downloads of the e-CNY app, which currently operates in select cities, exceeded those of WeChat, the super app from Tencent Holdings with its own mobile payment function, to become the most popular app on Apple’s iOS on Wednesday, a day after landing in app stores.
European and US Central banks, who are also planning to launch a CBDC (central bank digital currency) look on with interest to see how the Chinese will roll this out further.