Despite the recent crackdown on cryptocurrencies in China, testing of their central bank digital currency or digital yuan dubbed ‘e-CNY’ has not ceased. The People’s Bank of China (PBOC) said that the total volume of processed digital yuan transactions has reached 62 billion yuan ($9.7 billion) as of the end of October. This was disclosed recently by its representatives during the Hong Kong Fintech Week conference.
Further more, China has not slowed down in its intention to fully replace traditional fiat payments with the e-CNY and has continued widespread testing and analysis across cities from April last year till date.
According to a report, Over 140 million people have opened wallets for the digital yuan, in addition, 10 million corporate accounts have also been created.
Mu Changchun, Head of PBOC‘s digital currency institute, had recently announced at an event on Wednesday that over 1.5 million merchants could successfully accept payments using e-CNY wallets. He also stated that;
- Operators of the digital yuan can open four types of e-wallets for customers. The least privileged only requires a phone number, so would be anonymous even to the PBOC. Daily transaction values for this type of e-wallet holder would be capped at 5,000 yuan, with an annual cap of 50,000 yuan
- The highest privileged e-wallet would need to be opened at a bank counter with evidence of identity, but no transaction cap.
By the end of June, China had more than 24 million individual and enterprise users with e-CNY wallets, with transactions worth about 34.5 billion yuan.
It is important to point out that there is still no official launch date for China’s e-CNY.
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