140 million people have digital Yuan wallets – Report

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140 million people have digital Yuan wallets – Report

China’s central bank digital currency, the e-CNY or digital yuan, has been used in transactions worth about $10bn, and the digital wallet has been downloaded by about 140 million people.

According to Bitcoin.com, this was disclosed by an official with the Chinese central bank, the People’s Bank of China.

The Director-General, Digital Currency Institute of People’s Bank of China, Mu Changchun, said about 140 million people had downloaded the wallet for China’s CBDC as of October. He added that the digital yuan has been used in transactions worth about 62 billion yuan ($9.7bn).

He said although China had been actively testing its digital yuan, there was no official launch date for the digital currency yet.

Mu added that 1.55 million merchants could accept payments using e-CNY wallets, including utilities, catering services, transportation, retail, and government services.

This is in line with the growing trend among central banks worldwide, exploring launching their own CBDCs. According to the Atlantic Council’s CBDC tracker, 87 countries are now exploring a CBDC.

Seven have since launched, 17 are in pilot phases, 15 are still under development, and 39 are being researched.

In September, the Head of the Bank of International Settlements Innovation Hub, Benoît Cœuré, asked central banks to act on central bank digital currencies in order to be able to compete with initiatives in the private sector, including cryptocurrencies.

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Source: 140 million people have digital Yuan wallets – Report

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