China’s CBDC Has Been Used for $9.7B of Transactions

China’s CBDC Has Been Used for $9.7B of Transactions

China’s central bank digital currency (CBDC) has been used to conduct 62 billion yuan ($9.7 billion) of transactions as of end-October.

  • A People’s Bank of China (PBOC) official said Wednesday that 140 million people had opened wallets for the digital yuan, or “eCNY,” according to a report by Reuters.
  • Mu Changchun, director-general of the digital currency institute of China’s central bank, told Hong Kong’s Fintech Week conference that over 1.5 million merchants could accept payments using eCNY wallets.
  • There is no official launch date for the CBDC, Mu said.
  • The eCNY has been undergoing trials in cities across China over the last year. Yesterday’s update appears to be the first of its kind related to how widely the digital currency is being used.

Read more: Nigeria’s eNaira CBDC Goes Live

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