China has been making the most advancement in developing a central bank digital currency (CBDC). An official with the People’s Bank of China (PBoC) recently stated that the number of individual digital yuan wallets had reached 140 million.
The official also stated that the number of corporate digital yuan accounts had increased to reach 10 million. The total number of eyuan transactions had also grown to 62 billion yuan, equivalent to $9.7 billion.
Major growth in numbers
China has been taking part in major initiatives aimed at pushing the adoption of the yuan. In recent months, the country has been making endless efforts to push for the adoption of the digital yuan among locals.
With the revelation that 140 million people have opened digital yuan wallets, 10% of the local population is using this currency in their transactions. This shows a seven-fold growth compared to what was reported in June when the total number of individual yuan accounts came in at 24 million.
The total number of yuan transactions has also grown by a significant percentage because four months, these transactions came in at $5.4 billion. Currently, the figure stands at $9.7 billion.
The current requirement for opening a yuan account with a capped transaction limit is just a phone number showing that one person can open more than one account. The digital asset’s use has also come under scrutiny as local authorities recently arrested a gang believed to be using the eyuan for criminal activities.
US still sceptical of digital yuan
The US has continued showing scepticism for the digital yuan. Recently, China announced that athletes and foreign visitors going to the country for the Winter Olympic Games in Beijing will be allowed to use a CBDC.
However, Republican senators have stated that forbids American sportspeople from using the yuan during this sporting event because of spying concerns. China has, however, stated that Americans should stop criticizing the digital yuan.
“The US politicians should abide by the spirit stipulated in the Olympic Charter, stop making sports a political matter, and stop making troubles out of the digital currency in China,” the Chinese officials stated.
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