C hina has launched a pilot application of a wallet designed to allow users to spend the central bank’s digital currency, which is under development. The “e-CNY (pilot version)” app was released in China on Tuesday for download on iOS and Android stores. The People’s Bank of China has been working on a central bank digital currency for years and envisions its citizenry eventually using the technology to pay for goods and services without physical coins and bills. The digital yuan, also known as the digital renminbi, differs from cryptocurrencies like Bitcoin in that it is not decentralized but just...