A former employee of the People’s Bank of China (PBOC), the country’s central bank. express disappointment at money China’s “digital yuan” is rarely used.
Xie Ping, a former research director at the PBOC and now a professor of finance at Tsinghua University, publicly commented on China’s central bank digital currency (CBDC) at a recent university conference, according to a report by the PBOC. Caixin on December 28
Xie noted that Accumulated RMB transactions are worth only 14 billion dollars (100 billion yuan) in October. This is two years after its launch.
Although the government is rapidly expanding the trial. And there are new wallet features to try to attract users, but the January PBOC report stated that only 261 million users use the e-CNY wallet.
This compares with about 903.6 million people using mobile payments in China, according to China UnionPay in 2021.
The former central banker said the case for e-CNY “needs to change” from its current use of just cash. and enable other uses, such as the ability to pay for financial products or connecting with other payment platforms to drive user adoption.
He compared the digital yuan to other third-party payment systems in the country such as WeChat Pay, Alipay and QQ Wallet, which allow investment, lending or borrowing. by him said they “It has created a payment market structure that meets the demand for daily consumption.”
Some third-party financial apps also support e-CNY, but they are less used, as Xie said, “people are used to” using the original and changing services. “It’s difficult”
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