China’s CBDC goes mainstream as the number of active wallets hit 140 million By BTC Peers
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© Reuters. China’s CBDC goes mainstream as the number of active wallets hit 140 millionAccording to the head of the People’s Bank of China’s Digital Currency Institute, Mu Changchun, the total number of individuals and institutions holding digital yuan wallets reached 140 million and 10 million, respectively at the end of October 2021.
Changchun disclosed that last week’s Hong Kong Fintech Week conference saw 62 billion yuan ($9.7 Billion) of digital yuan generated from 150 million trials transactions.
At the end June, both the active wallets as well as the total transactions increased by 525%, 86% and respectively, 24 million wallets, and 34.5 trillion yuan, respectively.
Yi Gang, the Governor of the PBoC reported at the Hong Kong Fintech Week conference that 4,000,000 transactions had been made in trials across four cities. The pilot program has spent over 2 billion yuan. Comparing the October numbers to this, eCYN transaction volumes increased by as much as 3,000% over a one-year.
The expansion of the trials in over 12 regions, covering the retail and public sectors, prompted this rise.
Changchun said that four types e-CYN wallets are more secure than digital payment services because they do not require transaction data.
China’s aim is to completely eradicate its fiat currency and replace it with the digital yuan for all payments. The increased acceptance of central bank digital currencies, or CBDCs (central bank digital currencies), has favored these trials. However, an official launch date is not yet announced for the eCYN.
The eCYN CBDC project is the current most advanced. It has been tested in a variety of use cases, including salary payments and lottery payments.
In April, China revealed that it would test its digital yuan together with foreign investors at the Beijing Winter Olympics 2022. This was much to the dismay and surprise of many lawmakers from the US. Li Bo (deputy governor of the PBoC) stated that the eCYN does not seek to replace the US dollars or other currencies, but instead to give traders and international investors more choices.
The launch date of the digital yuan is not yet known. This is likely because Asia is waiting on the 2022 Winter Games as the ideal platform for testing e-CYN international tourism.
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