According to reports, the number of digital yuan wallets in China has risen to 140 million, with 10 million of them being corporate accounts. e-CNY transactions totaled 62 billion yuan, or $9.7 billion.
More than seven times what it was in June.
When it comes to developing a digital version of a national currency, China’s efforts are among the most advanced in the world. In recent months, the world’s most populous country has launched a slew of campaigns aimed at popularizing the e-yuan among locals.
Following all of these developments, a top official at the People’s Bank of China announced that the number of people who have opened digital yuan wallets has reached 140 million, or roughly 10% of the local population. In comparison, there were nearly seven times as many accounts in June, totaling 24 million.
Transactions in digital yuan have also increased significantly, from $5.4 billion four months ago to $9.7 billion now.
Nonetheless, it emphasizes that one person can open multiple accounts because the only requirement is to provide a phone number.
Because the e-CNY payment transaction method is new, it can be used in criminal activities. In related news, the Xinmi Police arrested 11 gang members after cracking down on the country’s first use of digital yuan in money laundering operations. According to reports, the criminals acted on behalf of an international fraud syndicate hiding in Cambodia.
The US-China Debate Over the Digital Yuan
The upcoming Winter Olympics in Beijing next year, and China’s intention to allow athletes and foreign visitors to use its CBDC, have heightened tensions between the two economic superpowers.
Over spying concerns, Republican Senators Cynthia Lummis, Marsha Blackburn, and Roger Wicker urged the US Olympic Committee to prohibit American athletes from using the digital yuan during the event.
China’s Foreign Ministry quickly responded to the verbal assault by telling the Americans to “abide by the spirit” and stop making a mess of the digital yuan. The Chinese officials went on to say that the US has no idea what digital currency is:
“We recommend that they learn what a digital currency is. Politicians in the United States should follow the spirit of the Olympic Charter, stop making sports a political issue, and stop making a mess of China’s digital currency.”