The use of China’s central bank digital currency is increasing.

At a news conference on Tuesday, Zou Lan, the People’s Bank of China’s (PBOC) head of financial markets, delivered an update on the nation’s central bank digital currency (CBDC), the digital yuan.

As per a PBOC official, e-CNY had 261 million unique users by the end of 2021, with transactions totaling 87.5 billion yuan ($13.78 billion). In addition, the digital yuan is currently accepted by almost 8 million retailers.

Over the last two years, China’s central bank has been aggressively testing its digital currency, also called Digital Currency Electronic Payment (DCEP), in several locations. In addition, the central bank has started giving out digital yuan to people via lotteries.

The digital yuan wallet app has become one of China’s most popular ones in the number of users.

Earlier this month, the software was released on the iOS and Android app stores. Nevertheless, users in trial cities and at the forthcoming Winter Olympics sites will be able to join up and spend the digital yuan at one of the 8 million shops that accept it.

Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian, and the locations of this year’s Winter Olympics in Beijing are among the testing locations for the digital yuan.

LEAVE A REPLY

Please enter your comment!
Please enter your name here