Chinese digital currency used in transactions worth 10 billion dollars, 140 million people have digital yuan wallets – Bitcoin News Regulatory – News Couple
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Chinese digital currency used in transactions worth 10 billion dollars, 140 million people have digital yuan wallets – Bitcoin News Regulatory


China’s central bank (CBDC) digital currency, the digital yuan, has been used in transactions estimated at $10 billion, according to an official with China’s central bank, the People’s Bank of China (PBOC). In addition, the government digital wallet has been downloaded by about 140 million people.

Rising adoption rate of the digital yuan, nearly 10 billion dollars have been handled

Mo Changchun, general manager of China’s central bank digital currency institute, People’s Bank of China (PBOC), shared the progress made in adopting the digital yuan at the Fintech Week conference in Hong Kong on Wednesday.

He revealed that about 140 million people had downloaded the wallet for China’s central bank (CBDC) digital currency, eCNY, as of October. Moreover, the digital yuan was used in transactions totaling about 62 billion yuan ($9.7 billion), Reuters reported.

While China has been actively testing the digital yuan, a People’s Bank of China official said there is no official launch date for the digital currency.

So far, 1.55 million merchants can accept payments using eCNY wallets, including utilities, catering services, transportation, retail and government services, Mo added.

A growing number of central banks around the world are exploring launching digital currencies for their own central banks. According to the Atlantic Council’s CBDC Tracking, 87 countries are now exploring CBDCs. Among them, seven have been launched, 17 are being trialled, 15 are in development, and 39 are under research.

In September, the head of the Center for Innovation at the Bank for International Settlements (BIS), Benoît Curé, urged central banks to act on central bank digital currencies now to compete with initiatives in the private sector, including cryptocurrencies.

What do you think about how many people are already using the digital yuan? Let us know in the comments section below.

photo credits: Shutterstock, Pixabay, Wikicommons

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