The digital currency of the Chinese central bank now has 261 million users-$ 14 billion in digital Yuan transactions-Regulation

According to an official from the central bank, People’s Bank of China (PBOC), the digital currency of the Chinese central bank now has 261 million unique users. In addition, transactions worth 87.5 billion yuan ($ 13.78 billion) were made with the digital Yuan, and more than 8 million dealers are now accepting e-Cny.

The digital currency of the Chinese central bank is becoming increasingly popular

ZOU LAN, head of the financial markets at People’s Bank of China (PBOC), announced an update to the digital currency of the Central Bank of the State (CBDC), the digital Yuan, at a press conference on Tuesday.

According to the PBOC official, E-CNY had 261 million individual users at the end of 2021, and transactions worth 87.5 billion yuan ($ 13.78 billion) were made with the digital currency of the Chinese central bank. In addition, more than 8 million traders now accept the digital Yuan.

China's central bank has actively tested its digital currency, also known as Digital Currency Electronic Payment (DCEP), in various cities in the past two years. The central bank has given away digital Yuan through lotteries that can issue the inhabitants.

The digital Yuan Wallet app has become one of Chinas The fastest growing apps Downloads.

The app was in the iOS- and Android-App store at the beginning of this month. However, only users in pilot cities and the venues of the upcoming Olympics can register and spend the digital Yuan in one of the 8 million shops that accept e-Cny.

The test regions for the digital Yuan include Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian and venues of this year's Olympics, which are organized by Beijing.

What do you think about the introduction of digital Yuan? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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