CandleFocus China’s CBDC platform registers 180m wallets, 7.3t yuan in transactions
2024-10-11
Author: Content Editor
China's central bank digital currency (CBDC), the digital renminbi or e-CNY, has achieved a major milestone with 180 million personal wallets opened and a transaction volume of ¥7.3 trillion yuan ($1.02 trillion) in pilot regions. The People's Bank of China (PBoC) has been actively developing the digital renminbi since 2014 and has successfully integrated it into sectors like retail and public transport through the e-CNY app. However, adoption challenges remain, such as limited functionality and lack of interest earnings. China's CBDC efforts are part of a global trend, with 134 countries exploring CBDCs as of September.
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