China’s CBDC app has reached a significant milestone with 180 million personal wallets and a staggering transaction volume of ¥7.3 trillion yuan in pilot regions.
China‘s ambitious push for a central bank digital currency is gaining momentum, with millions embracing the new solution and changing the way money moves.
Changchun Mu, the director-general of the digital currency institute at the People’s Bank of China, wrote in a column for Chinese media giant SINA that as of July, China’s CBDC — also known as the digital renminbi or e-CNY — has registered 180 million personal wallets opened and a total transaction volume of ¥7.3 trillion yuan ($1.02 trillion) across pilot regions.
The PBoC has been proactive in developing the digital renminbi since 2014, engaging in extensive testing and piloting in cities like Shenzhen and Beijing. The e-CNY app, launched by the PBoC, has been instrumental in integrating digital currency into sectors like retail and public transport.
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Despite the rapid growth, adoption challenges remain. Sammy Lin, an account manager at a state-owned bank in Suzhou, earlier told local news media that many users, including herself, are hesitant to store funds in digital yuan wallets due to limited functionality and the lack of interest earnings.
China’s efforts are part of a broader global trend, with 134 countries exploring CBDCs as of September, according to data from the Atlantic Council. This marks a sharp rise from 35 in 2020. For instance, 65 countries, including India, Brazil, and Australia, are in advanced stages of CBDC development, pilot testing, or launch. All G20 nations are also investigating digital currencies, with 19 in advanced phases.
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