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China’s Digital Currency Sees User Uprise as Transactions Close to $10 Billion -Breaking

by Mike Robinson

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China’s Digital Currency Sees User Uprise as Transactions Close to $10 Billion
  • China’s Digital Currency was used in transactions amounting to almost $10 billion.
  • Around 140 million people have opened eCNY digital accounts.
  • 1.55 million merchants now accept payments with eCNY wallets

China has witnessed a surge of digital wallet users as its central bank digital currency (CBDC), the digital yuan, has been used in transactions totaling about 62 billion yuan ($9.7 billion), a People’s Bank of China (PBOC) official has shared.

Mu Changchun, the director-general of the Digital Currency Institute of PBOC, shared this exciting news last Wednesday, at Hong Kong’s Fintech Week conference. Additionally, he revealed that approximately 140 million people downloaded CBDC, the digital wallet for the eCNY as of October.

China is currently testing the digital currency in China, but there’s no date for its national launch.

Mu stated that 1.55 million merchants are now able to accept payments via eCNY wallets. The wallet allows users to pay all types of bills, including utilities, government, transport and retail.

It’s not just China that’s about to go digital. All central banks are encouraged to create their own CBDCs. According to the Atlantic Council’s CBDC tracker, 87 countries are exploring their own CBDC. 7 countries launched their digital currency successfully. 17 countries currently are in pilot phase with their CBDCs.

Worldwide central banks won’t be able compete with such institutions as.

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