China’s Central Bank Digital Currency Now Has 261 Million Users and $14 Billion in Digital Yuan Transactions Made Cryptocurrency

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

Growing adoption of China’s central bank digital currency

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, e-CNY had 261 million unique users by the end of 2021 and transactions worth 87.5 billion yuan ($13.78 billion) were made using the Chinese central bank digital currency. Additionally, more than 8 million merchants now accept 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 distributed digital yuan through lotteries to residents.

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

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

Test regions for the digital yuan include Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian and venues for 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 do you think of the adoption of the digital yuan? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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