Fun

China’s Digital Currency Used in Transactions Worth $10 Billion, 140 Million People Have Digital Yuan Wallets

News Feed - 2021-11-07 07:11:33

China"s Digital Currency Used in Transactions Worth $10 Billion, 140 Million People Have Digital Yuan Wallets


China’s central bank digital currency (CBDC), the digital yuan, has been used in transactions worth nearly $10 billion, according to an official with the Chinese central bank, the People’s Bank of China (PBOC). In addition, 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. Furthermore, 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 merchants could accept payments using eCNY wallets, including utilities, catering services, transportation, retail, and government services.


A growing number of central banks worldwide are exploring launching their own CBDCs. According to the Atlantic Council’s CBDC tracker, 87 countries are now exploring a CBDC. Among them, seven have launched, 17 are being piloted, 15 are under development, and 39 are being researched.


In September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, 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 the number of people already using the digital yuan? Let us know in the comments section below. Kazakhstan Imposes Purchase Limits on Retail Crypto Investors REGULATION | 2 days ago Indian Payments Giant Paytm Could Offer Bitcoin Services if Government Makes Crypto Legal, Says CFO REGULATION | 3 days ago Tags in this story CBDC, Central Bank, central bank digital currency, china digital currency, chinese digital currency, Digital Yuan, digital yuan wallet, ecny, PBOC


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Dappradar’s Q3 Industry Report Shows Crypto Economy and Participants Are ‘Riding Out the Bear Market’
Dappradar’s Q3 Industry Report Shows Crypto Economy and Participants Are ‘Riding Out the Bear Market’ According to Dappradar’s latest crypto industry report that cover
Dubai Crown Prince Launches Metaverse Strategy — Fivefold Increase in Blockchain and Metaverse Companies Envisioned
Dubai Crown Prince Launches Metaverse Strategy — Fivefold Increase in Blockchain and Metaverse Companies Envisioned A master plan that aims to see the number of Dubai’s bl
Fiji central bank warns against crypto use, disappointing Bitcoin hopes
Derek Andersen6 hours agoFiji central bank warns against crypto use, disappointing Bitcoin hopesThe Fijian prime minister’s reported consultations on introducing Bitcoin into the economy seem to have been in vain.5540
Bitcoin Mining Hotspot Iran Drafts Electricity Tariffs for Crypto Miners
The government of Iran has opted to introduce specific electricity prices for cryptocurrency mining. The west Asian country, which has had a complicated relationship with cryptocurrency in the past, plans to set prices a
Square Enix to Reinforce Blockchain Bet, According to Latest Earnings Report
Square Enix to Reinforce Blockchain Bet, According to Latest Earnings Report Square Enix has announced its new mid-term business plan, reinforcing its blockchain pivot according to
Spot Ethereum ETFs post $107M net inflows on first day
Tom Mitchelhill4 hours agoSpot Ethereum ETFs post $107M net inflows on first dayThe newly launched spot Ether ETFs posted positive net inflows despite being weighed down by $485 million bleeding from Grayscale’s Ethere
Grayscale Ethereum Trust ETF hits historic net outflow of $1.5B
Amaka Nwaokocha54 minutes agoGrayscale Ethereum Trust ETF hits historic net outflow of $1.5BBased on the present rate of outflows, ETHE"s ether reserves may be exhausted in a relatively short timeframe, potentially withi
DePin Helium Mobile releases first post-roadmap progress update
Vince Quill8 hours agoDePin Helium Mobile releases first post-roadmap progress updateDecentralized physical infrastructure networks represented the fourth-most profitable sector for investors in the first half of 2024.85
Solana Could Target $220 If It Holds Current Levels – Analyst Expects Short-Term Bullish Momentum
Este artículo también está disponible en español. Solana is trading above the crucial $200 level after enduring days of extreme volatility and heavy selling pressure. Des
Privacy Coin Verge Suffers Third 51% Attack, Analysis Shows 200 Days of XVG Transactions Erased
Privacy Coin Verge Suffers Third 51% Attack, Analysis Shows 200 Days of XVG Transactions Erased According to various reports, the cryptocurrency network Verge ha
Crypto investment products see $584M outflow as Bitcoin descends to $60K
Nancy Lubale7 hours agoCrypto investment products see $584M outflow as Bitcoin descends to $60KApprehension over a delay in interest rate cuts, a strengthening DXY and softness in Bitcoin price back the $584 million outf
Bitcoin seen following stocks as BTC price gains 2.5% to attack $61K
William Suberg13 hours agoBitcoin seen following stocks as BTC price gains 2.5% to attack $61KBitcoin stands to gain from increasingly risk-on macro sentiment, but can it shift a stubborn BTC price range?1820 Total views