China’s Digital Yuan Gains Popularity

The Chinese digital currency, the digital yuan (e-CNY), is playing an increasingly attractive role in the lives of Chinese people. After a broad trial, it is increasingly used in various fields of application.

Since its launch in China in late 2019, the digital yuan is now available in 10 Chinese cities, including Beijing, Shanghai and Shenzhen, with applications ranging from restaurant payments to marketplace transactions.

The People’s Bank of China (PBOC) said that as of Oct. 22, more than 140 million personal wallets had been opened with a total transaction volume of nearly 62 billion yuan.

Currently, there are 1.55 million merchants supporting transactions with digital yuan wallets. These include utilities, catering services, transportation, shopping, and government affairs.

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