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

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

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China’s central financial institution digital forex (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 individuals had opened wallets for the digital yuan, or “eCNY,” in accordance with a report by Reuters.
  • Mu Changchun, director-general of the digital forex institute of China’s central financial institution, advised Hong Kong’s Fintech Week convention that over 1.5 million retailers may settle for funds utilizing eCNY wallets.
  • In addition, 10 million company accounts have been created, Bloomberg reported.
  • The figures examine with these on the finish of June, when there have been 34 million particular person and company eCNY pockets customers who had carried out transactions price $5.4 billion, in accordance with Bloomberg.
  • There is not any official launch date for the CBDC, Mu stated. The eCNY has been present process trials in cities throughout China over the past yr.

Read extra: Nigeria’s eNaira CBDC Goes Live

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

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