Business, Finance & Technology
China’s pilot digital yuan has reached 87.57 billion yuan.
As China sped up research and experimental use of the central bank’s digital currency, digital yuan transactions reached over 87.57 billion yuan (13.78 billion US dollars) at the end of 2021.
At a press conference on Tuesday, Zou Lan, an official with the People’s Bank of China, announced that 261 million personal wallets for the digital yuan had been opened, and the number of pilot scenarios had surpassed 8.08 million.
He stated that the central bank will continue to support research and development of the digital fiat currency or e-CNY and that the pilot use of e-CNY in retail, government, and other scenarios would be expanded.
China’s efforts to establish its central bank’s digital currency began in 2014, when it performed the first relevant studies, and continued in 2017 with the bank’s decision to engage in research and development cooperation with commercial banks and internet companies.
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