China ended 2021 with 261 million wallets created for the digital yuan (e-CNY) and about $13 billion (about 71 billion) in transactions since the pilot project was implemented last year. The information is from the state website of the Chinese government China.org, published this Wednesday (19).
Zou Lan, an official at the People’s Bank of China (PBOC), the country’s central bank, told a news conference that the numbers are a result of the number of locations — businesses in various cities and online platforms — where the tests were carried out. pilot throughout 2021. According to him, more than 8 million scenarios completed the action.
Lan also stressed that the PBOC will continue to promote the research and development of the e-CNY and that the institution should further deepen the actions of the pilot project in retail, government and other spheres.
Digital Yuan in China
The digital yuan has been under development since 2014, as the Chinese government always points out. This is because a new modality of state currency began to gain strength in the last two years with the adhesion to studies by several central banks in the world of the so-called CBDCs (Central Bank Digital Currency).
The e-CNY then began to gain traction and China came out ahead of countries like the US and Brazil, which are still in their infancy towards this fiat currency disruption.
Despite the PBOC always extolling the achievement of its digital currency and maintaining the repression of bitcoin, cryptocurrencies and mining, the authorities are already facing problems. The Chinese CBDC has not even been launched and several scammers are already being arrested.
According to information from the Administration Department of Xiongan, a city in Hebei province, several financial scams are being applied with the digital yuan (e-CNY). At least 11 people have already been arrested for involvement in fraud and money laundering. The information is from last November.
Due to the action of criminals, the entity issued a note where an excerpt says that “the digital yuan is still in the pilot phase. Download the digital wallet only through official channels, such as banking institutions. Do not install the app from other sources.”