China’s central bank digital currency (CBDC), the digital yuan, has been utilized in transactions price almost $10 billion, in accordance with an official with the Chinese central bank, the People’s Bank of China (PBOC). As well, the government digital wallet has been downloaded by about 140 million people.
Digital Yuan’s Adoption Rises, Nearly $10 Billion Transacted
Mu Changchun, the director-general of the digital currency institute of China’s central bank, the People’s Bank of China (PBOC), shared the adoption progress of the digital yuan at Hong Kong’s Fintech Week conference Wednesday.
He revealed that some 140 million people had downloaded the wallet for China’s central bank digital currency (CBDC), the eCNY, as of October. Moreover, the digital yuan has been used in transactions totaling about 62 billion yuan ($9.7 billion), Reuters reported.
While China has been actively testing its digital yuan, the PBOC official said that there is no official launch date for the digital currency.
Mu added that so far 1.55 million retailers may settle for funds using eCNY wallets, including utilities, catering services, transportation, retail, and government services.
A rising variety of central banks worldwide are exploring launching their own CBDCs. In response to the Atlantic Council’s CBDC tracker, 87 nations are actually exploring a CBDC. Amongst them, seven have launched, 17 are being piloted, 15 are beneath growth, and 39 are being researched.
In September, the pinnacle of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, urged central banks to behave on central bank digital currencies now to compete with initiatives within the personal sector, together with cryptocurrencies.
Source: Bitcoin News
