The ‘Soft’ Launch of China’s Digital Yuan Almost Goes Unnoticed

November 3, 2021

Today, an official of the People’s Bank of China (PBOC) announced that 140 million people in the country have already opened wallets for the digital yuan, or “eCNY.”

In addition, as reported by Bloomberg, 10 million corporate accounts have been opened.

To date, the eCNY has been used in transactions totalling 62 billion yuan ($9.7 billion).

This is a huge increase in adoption since June when transaction volume was a little over $5 billion, with ‘just’ 34 million total wallet users.

Director-general of the digital currency institute of China’s central bank, Mu Changchun, spoke during the Hong Kong’s Fintech Week conference and said that over 1.5 million merchants are accepting payments using eCNY wallets.

The eCNY seems to have already launched quietly as Mu added that there is no official launch date for the CBDC. China’s digital yuan has undergone rigorous testing across China over the last year and should be ready for international audience during the upcoming Beijing Winter Olympics.

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Author: Peter Siu

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