What's Hot

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022

    Former Binance executives launch $100 million venture fund

    26/05/2022
    Facebook Twitter Instagram
    • Polls
    • Questions
    Thursday, May 26
    Trending
    • Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why
    • ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News
    • Former Binance executives launch $100 million venture fund
    • Will It Rise In The Future?
    • What is WinkLink? Is WINK Coin a Good Investment in 2022?
    • Enhance Basic Tech Capacity & Provide All-encompassing Products & Services
    • No Tax Amnesty for Russian Crypto Miners as Lawmakers Withdraw Proposal – Mining Bitcoin News
    • Injective partners with Wormhole to bring 10 new blockchains to the platform
    Login
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    • Home
    • Live chart
    • Koios
    • Join Discord!
    • Account
      • Register
      • Login
      • My Account
      • My Posts
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    Home»Business»China’s Central Bank Digital Currency Now Has 261 Million Users — $14 Billion in Digital Yuan Transactions Made – Regulation Bitcoin News
    China's Central Bank Digital Currency Now Has 261 Million Users — $14 Billion in Digital Yuan Transactions Made
    Business

    China’s Central Bank Digital Currency Now Has 261 Million Users — $14 Billion in Digital Yuan Transactions Made – Regulation Bitcoin News

    adminBy admin20/01/2022No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    China’s central bank digital currency now has 261 million unique users, according to an official of the central bank, the People’s Bank of China (PBOC). Furthermore, 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.

    China’s Central Bank Digital Currency Growing in Adoption

    Zou Lan, head of financial markets at the People’s Bank of China (PBOC), provided an update on the country’s central bank digital currency (CBDC), the digital yuan, at a press conference Tuesday.

    According to the PBOC official, e-CNY had 261 million unique users at the end of 2021, and transactions worth 87.5 billion yuan ($13.78 billion) have been made using the Chinese central bank digital currency. In addition, more than 8 million merchants now accept the 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 has been giving digital yuan away through lotteries for residents to spend.

    The digital yuan wallet app has become one of China’s fastest-growing apps by the number of downloads.

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

    The trial regions for the digital yuan include Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian, and venues of this year’s Winter Olympics, hosted by Beijing.

    Tags in this story
    CBDC, China, China central bank, china central bank digital currency, chinese, chinese digital currency, DCEP, Digital Currency Electronic Payment, Digital Yuan, e-CNY, PBOC

    What do you think about the adoption of the digital yuan? Let us know in the comments section below.

    Kevin Helms

    A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

    Image Credits: Shutterstock, Pixabay, Wiki Commons

    More Popular News

    In Case You Missed It





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    admin
    admin
    • Website

    Related Posts

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022

    Former Binance executives launch $100 million venture fund

    26/05/2022

    Will It Rise In The Future?

    26/05/2022
    Add A Comment

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Latest News

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022

    Former Binance executives launch $100 million venture fund

    26/05/2022

    Your source for the serious weekly crypto news.

    Discord
    Top Insights

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022

    Former Binance executives launch $100 million venture fund

    26/05/2022
    • Digital Marketing Bureau Chapter73
    • Mavic Studio Professionele Drone Fotografie
    © 2022 Weekly Crypto. Designed by students of Koios.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Lost password?

    Register Now!

    Already registered? Login.

    A password will be e-mailed to you.