Transfers with digital yuan in China reached 87.57 billion
It was reported that transfers made with the digital currency "e-CNY" (electronic yuan), which is being piloted in China, reached...
Yayınlanma: 20 Ocak 2022 04:14
Güncellenme: 8 Kasım 2024 15:24
According to the news from the Shinhua agency, Zhuo Lan, Head of Financial Markets at the People's Bank of China, gave information about the pilot implementation of the system called Digital Currency/Electronic Payment (DC/EP) at a press conference.
Zhuo stated that as of the end of 2021, the number of transfer scenarios under the pilot implementation exceeded 8.08 million, and the amount transferred in these transfers reached 87.57 billion yuan ($13.78 billion).
Sharing the information that 261 million personal wallets have been created within the scope of the application, Zhuo stated that the Central Bank will continue its research and development activities in the field of digital currency and will encourage the use of the electronic yuan in retail sales, public services, and other scenarios.
China aims to be the world leader in official digital currency
The People's Bank of China previously banned the trading of independent digital currencies. The country aims to be a pioneer in this field in the world with its official digital currency, also called "e-CYN". The digital yuan, developed since 2014, was used for the first time in pilot applications in Xinjin City and Xiaongan New District.
Mu Changchun, Head of the Central Bank's Digital Currency Research Institute, announced in October 2021 that 140 million individual and 10 million corporate digital yuan wallets were created within the scope of pilot applications, and money exchange reached 62 billion yuan ($9.76 billion).
In the new year, the People's Bank of China expanded the scope of the pilot application and released the mobile application to Apple's iOS and Google's Android stores to be used as an electronic wallet for the digital yuan.
The application was put into service in 12 cities and regions, including the cities of Shanghai, Xinjin, Qingdu, Changsha, Sucou, Xian, Qingdao, Dailan, the Xiaongan New Zone in Hainan province, Hibey province, and the facilities and areas in Beijing and Canjiakou cities, where the Winter Olympics will be held.
Online payment systems are common, cash usage is low
In China, where online payment systems are widely used, the use of cash has already decreased considerably. Internet companies like Ant Group's Alipay and Tencent Holding's WeChat Pay payment services are more in demand than cash transfers.
It is anticipated that the new digital currency developed by the Central Bank will contribute to the development of the already growing online and mobile payment infrastructures and that these systems will practically facilitate the transition to digital currency.
