Transactions in Chinese digital currency or digital yuan (e-CNY) reached 87.57 billion yuan ($13.78 billion) by the end of 2021 after China accelerated research and pilot use of the Chinese central bank’s digital currency.
On Jan. 18, Zhou Lan, an official with the People’s Bank of China (PBOC), said a total of 261 million personal yuan digital currency wallets had been opened, and the pilot number had already exceeded 8.08 million.
The PBOC will continue to push forward the research and development of the currency and strengthen the pilot implementation of the digital yuan in retail, government services, and other areas.
In 2014, the Chinese experiment to develop a digital currency began when China conducted its first relevant study. This was followed in 2017 by the decision to engage in research and development cooperation with commercial banks and internet companies.