The number of yuan digital wallets in China has reportedly reached 140 million, of which 10 million are corporate accounts. Transactions in e-CNY reached 62 billion yuan, or $9.7 billion.
Seven times more than in June
When it comes to creating a digital version of a national currency, China’s efforts are among the most advanced in the world. In recent months, the most-populated nation has launched numerous campaigns aiming to popularize the e-yuan among the locals.
As a result of all these developments, a senior official at the People’s Bank of China informed that the number of people who opened digital yuan wallets has reached 140 million, which is equivalent to around 10% of the local population. In comparison, these accounts were nearly seven times less in June and stood at 24 million.
Digital yuan transactions have also grown significantly, from $ 5.4 billion four months ago to $ 9.7 billion today.
Nevertheless, it’s still pointing out that one person can open more than one account since the only requirement is to provide a phone number.
Since the e-CNY payment transaction method is relatively new, it can be used in criminal activity. n that note, another report reads that the Xinmi Police arrested 11 gang members after it cracked down the country’s first use of digital yuan in money laundering operations. The criminals are said to have acted on behalf of a group of foreign fraudsters hiding in Cambodia.
The USA-China Controversy over The Digital Yuan
The approaching Winter Olympic Games in Beijing next year, and more specifically China’s intention to allow athletes and foreign visitors to use its CBDC, heated up the tension between the two economic Superpowers.
Republican Senators Cynthia Lummis, Marsha Blackburn and Roger Wicker urged the US Olympic Committee to ban US sportspeople from using the digital yuan during the event for spy purposes.
China’s Foreign Ministry quickly stroke back to the verbal attack by telling the Americans to “abide by the spirit” and stop making trouble out of the digital yuan. Chinese officials went further, saying the United States does not know exactly what digital currency is:
“We suggest they figure out what a digital currency really is. American politicians should respect the spirit stipulated in the Olympic Charter, stop making sports a political issue, and stop creating problems with the digital currency in China. “
