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According to the People’s Bank of China (PBOC), a central bank official, China’s central bank digital currency now has 261 million unique users. In addition, 87.5 billion yuan ($13.78 billion) worth of transactions were conducted using the digital yuan, and more than 8 million merchants now accept the electronic yuan.
China’s central bank digital currency is growing in popularity
Zou Lan, head of financial markets at the People’s Bank of China (PBOC), provided an update on the country’s central bank digital currency (CBDC) digital yuan at a press conference on Tuesday.
By the end of 2021, e-CNY had 261 million unique users who conducted 87.5 billion yuan ($13.78 billion) worth of transactions using China’s central bank digital currency, according to PBOC officials. Additionally, over 8 million merchants now accept digital yuan.
For the past two years, China’s central bank has been actively testing its digital currency, also known as Digital Currency Electronic Payment (DCEP), in various cities. The central bank has been giving away digital yuan through lotteries for residents to consume.
Digital yuan wallet app has become China’s Fastest Growing App By download count.
The application becomes usable In the iOS and Android app stores earlier this month. However, only users in pilot cities and the venues of the upcoming Winter Olympics will be able to register and spend the digital yuan at one of the 8 million stores that accept the electronic yuan.
The pilot areas for the digital renminbi include Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian, and the Winter Olympics venues hosted by Beijing this year.
How do you see the adoption of the digital yuan? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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