The Chinese language central financial institution’s digital foreign money now has 261 million customers — $14 billion in digital yuan transactions

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According to an official at the central bank, the People’s Bank of China (PBOC), the Chinese central bank’s digital currency now has 261 million unique users. In addition, 87.5 billion yuan (US$13.78 billion) worth of transactions have been made using the digital yuan, and more than 8 million merchants now accept e-CNY.

The Chinese central bank digital currency is gaining popularity

Zou Lan, head of financial markets at the People’s Bank of China (PBOC), gave an update on the country’s central bank (CBDC) digital currency, the digital yuan, at a press conference on Tuesday.

According to the PBOC official, as of the end of 2021, e-CNY had 261 million unique users, and 87.5 billion yuan (US$13.78 billion) worth of transactions were made using the China Central Bank digital currency. In addition, more than 8 million merchants now accept the digital yuan.

China’s central bank has been actively testing its digital currency, also known as Digital Currency Electronic Payment (DCEP), in various cities over the past two years. The central bank has been giving away digital yuan through lotteries for residents to spend.

The digital yuan wallet app has become one of the fastest growing apps in China in terms of the number of downloads.

The app became available in the iOS and Android app stores earlier this month. However, only users in pilot cities and upcoming Winter Olympics venues can log in and spend the digital yuan at any of the 8 million stores that accept e-CNY.

Testing regions for the digital yuan include Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian and venues of this year’s Winter Olympics hosted by Beijing.

tags in this story

CBDC, China, Central Bank of China, Central Bank of China Digital Currency, Chinese, Chinese Digital Currency, DCEP, Digital Currency Electronic Payment, Digital Yuan, e-CNY, PBOC

What are your thoughts on the launch of the digital yuan? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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