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

Some 140 million people have opened wallets for the “eCNY.”

Nov 3, 2021 at 10:13 a.m. UTC
Updated Nov 3, 2021 at 3:05 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

China’s central bank digital currency (CBDC) has been used to conduct 62 billion yuan ($9.7 billion) of transactions as of the end of 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.
  • In addition, 10 million corporate accounts have been created, Bloomberg reported.
  • The figures compare with those at the end of June, when there were 34 million individual and corporate eCNY wallet users who had conducted transactions worth $5.4 billion, according to Bloomberg.
  • 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.

UPDATE (Nov. 3, 10:32 UTC): Adds corporate accounts, comparison with end-June figures.


Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown