China Processed $9.5B with Digital Yuan: Report
Main page Finance, Tech, China, Wallet, business

A total of 140 million wallets for using China's digital yuan had been registered as of October with transaction's volume hitting $9.5 billion, Reuters reports, citing a senior Chinese central bank official. While Beijing has not officially launched the digital yuan yet, approximately 1.55 million merchants can now accept digital yuan using the so-called e-CNY wallets, said Mu Changchun, the director-general of the digital currency institute of the People's Bank of China (PBoC).

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China's transactional volume with the digital currency surged by about 3100% from a year ago. In November last year, the country had over 4 million transactions with digital yuan. According to PBoC's Governor, Yi Gang, with the new currency local fintech companies got key advantages over financial institutions, in terms of growing a customer base and managing risk.

The Popularity of P2P Exchanges Rises in China

Earlier this summer, China's central bank released the first white paper of the national digital currency. The document explains the high-level principles of the digital yuan, its features, and the progress in the development of the project since 2014. While no additional details about the currency have been unveiled, the document states the currency will be compatible with smart contracts.

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