China’s experiment with The central bank digital currency (CBDC) has shown no signs of slowing down. After the updated figures for October 2021 were revealed at Hong Kong Fintech Week.
As a replacement for cash in day-to-day transactions, e-CNY is gaining a lot of attention for both individuals and organizations, Mu Changchun, head of the People’s Bank of China (PBoC) Digital Currency Institute, said. At a meeting on Wednesday that the number of active accounts Personal digital yuan has reached 140 million accounts. while the organization has created another 10 million accounts.
Although the official launch date is unclear for the e-CNY, China has continued to expand its testing to different regions, spreading across stores, utilities, entertainment, and transportation, with 62 people currently spending. Billion yuan ($9.7 billion) using e-CNY wallet as of October 2021.
PBoC executives also providedetailsRegarding the different types of e-CNY wallets, the basic wallet with an annual transaction amount of 50,000 yuan ($7,800) only needs a phone number to activate. And if the user wants to open the e-CNY wallet for unlimited transactions. They have to go to the bank counter for identification.
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