BlocksInform
China Central Bank's digital currency now has 261 million unique users, according to a central bank official, the People's Bank of China (PBOC). In addition, transactions valued at 87.5 billion yuan ($13.78 billion) were made using the digital yuan and over 8 million merchants are now accepting e-CNY.
Digital currency of the Central Bank of China increasing in adoption.
Zou Lan, chief financial officer for the people's bank of china (pboc), provided an update on the digital currency of the central bank of the country (cbdc), the numerical yuan, during a press conference on tuesday.
According to the pboc officer, e-cny had 261 million unique users by year-end 2021, and transactions worth 87.5 billion yuan ($13.78 billion) were carried out using the digital currency of china's central bank. In addition, over 8 million retailers are now accepting the digital yuan.
Over the past two years, the Chinese central bank has actively tested its digital currency, also known as electronic payment in digital money (dcep), in different cities. The central bank has given digital yuan away through lotteries for residents to spend.
The digital yuan wallet app has become one of China’s fastest-growing apps by the number of downloads.
The app became available in the iOS and Android app stores earlier this month. However, only users of pilot cities and the upcoming olympic winter games can register and spend the digital yuan in one of eight million stores that accept e-cny.
Test regions for the digital yuan include shenzhen, suzhou, xiongan, chengdu, shanghai, hainan, changsha, xian, qingdao, dalian, and this year's Olympic Winter Games venues hosted by beijing.
How do you feel about adopting the digital yuan? Let us know in the feedback section below.
Cryptocurrency ATMs Close Down in Singapore Following Central Bank's Announcement
