China’s Digital Currency Used in Transactions Worth $10 Billion, 140 Million People Have Digital Yuan Wallets
China’s central bank digital currency (CBDC), the digital yuan, has been used in transactions worth nearly $10 billion, according to an official with the Chinese central bank, the People’s Bank of China (PBOC). In addition, the government digital wallet has been downloaded by about 140 million people. Digital Yuan’s Adoption Rises, Nearly $10 Billion Transacted Mu Changchun, the director-general of the digital currency institute of China’s central bank, the People’s Bank of China (PBOC), shared the adoption progress of the digital yuan at Hong Kong’s Fintech Week conference Wednesday. He revealed that some 140 million people had downloaded the wallet for China’s central bank digital currency (CBDC), the eCNY, as of October. Furthermore, the digital yuan has been used in transactions totaling about 62 billion yuan ($9.7 billion), Reuters reported. While China has been actively testing its digital yuan, the PBOC official said that there is no official launch date for the digital cur