As a researcher who has closely followed the evolution of digital currencies across the globe, I find myself both intrigued and impressed by China’s ambitious push towards a central bank digital currency (CBDC). Having witnessed the rapid adoption of mobile payments in countries like Kenya and the Philippines, I can attest to the transformative power of digital solutions when it comes to money transactions.
As a crypto enthusiast, I’m thrilled to share that the Chinese Central Bank Digital Currency (CBDC) app has hit an impressive milestone. With 180 million individual wallets established and a mind-boggling transaction volume of approximately 7.3 trillion yuan in test regions, it’s clear that this digital currency is gaining traction. This rapid growth indicates a promising future for the digital currency scene in China.
The drive by China towards creating a digital form of its central bank currency is picking up speed, as more and more people are adopting this innovative approach, thereby transforming the manner in which money transactions occur.
According to Changchun Mu, head of the Digital Currency Institute at the People’s Bank of China, as of July, China’s central bank digital currency (CBDC), often referred to as the digital renminbi or e-CNY, has seen 180 million personal wallets opened and a combined transaction value of approximately 7.3 trillion yuan ($1.02 trillion) in test areas.
Since 2014, the People’s Bank of China (PBoC) has taken a leading role in creating the digital renminbi, conducting extensive trials and experiments in cities such as Shenzhen and Beijing. The PBoC’s e-CNY app has been pivotal in seamlessly incorporating digital currency into industries like retail and public transportation.
As a crypto investor, I’ve witnessed the impressive growth, but I can’t ignore the ongoing challenges related to adoption. For instance, as an account manager at a state-owned bank in Suzhou, Sammy Lin shared with local media that she, like many other users, feels apprehensive about keeping funds in digital yuan wallets because of the restricted functionality and absence of interest earnings.
134 nations worldwide, as per the Atlantic Council’s data from September, are considering Central Bank Digital Currencies (CBDCs), a significant increase from the 35 countries that were exploring this concept in 2020. Among these, 65 countries such as India, Brazil, and Australia have reached advanced stages of CBDC development, testing, or deployment. Notably, all G20 nations are also delving into digital currencies, with 19 of them actively working on it in advanced phases.
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2024-10-11 14:18