China’s CBDC Has Been Used for $9.7B of Transactions

China’s central bank digital currency (CBDC) has been used to conduct 62 billion yuan ($9.7 billion) of transactions as of end-October. A People’s Bank of China (PBOC) official said Wednesday that 140 million people had opened wallets for the digital yuan, or “eCNY,” according to a report by Reuters. Mu Changchun, director-general of the digital […]

Don't got time to read? Listen it & multi task

China’s central bank digital currency (CBDC) has been used to conduct 62 billion yuan ($9.7 billion) of transactions as of end-October.

  • A People’s Bank of China (PBOC) official said Wednesday that 140 million people had opened wallets for the digital yuan, or “eCNY,” according to a report by Reuters.
  • Mu Changchun, director-general of the digital currency institute of China’s central bank, told Hong Kong’s Fintech Week conference that over 1.5 million merchants could accept payments using eCNY wallets.
  • In addition, 10 million corporate accounts have been created, Bloomberg reported.
  • The figures compare with those at the end of June, when there were 34 million individual and corporate eCNY wallet users who had conducted transactions worth $5.4 billion, according to Bloomberg.
  • There is no official launch date for the CBDC, Mu said. The eCNY has been undergoing trials in cities across China over the last year.

Read more: Nigeria’s eNaira CBDC Goes Live

UPDATE (Nov. 3, 10:32 UTC): Adds corporate accounts, comparison with end-June figures.

Latest articles by Glenn Nasta

PEGA Pool is the Powered By Sponsor for Mining Disrupt 2023, Supporting Greener Future for Bitcoin Mining
Codego Crypto Gift Cards
Codego Launches the New Era of Crypto Gift Cards
HJHRE Reports HJH Investments’ First Quarter 2023 Results
Introducing DexCheck: The Future of AI-Enhanced Analytics in Crypto and NFT Markets
Introducing DexCheck: The Future of AI-Enhanced Analytics in Crypto and NFT Markets
Translate »