140 Million Chinese Crypto Wallets Already Use Digital Yuan

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Last Updated on 10 November 2021 by CryptoTips.eu

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Let China Sleep, for when she wakes, she will shake the world

So said Napoleon Bonaparte several centuries ago. Back then, the Chinese only counted a few dozen of million inhabitants. By now, whenever China launches a project for it’s more than 1 billion citizens, the results are quite incredible indeed.

According to the Chinese central bank official, some 140 million crypto wallets have been opened in the Middle Kingdom in the past few months, and already $9.7 billion worth of transactions were done using the ‘Digital Yuan’. India is learning from its neighbor and considers introducing a similar digital coin in the near future.

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Experimental phase

China and known cryptocurrencies don’t mix well in 2021. The country, after initiating, maintaining and reaffirming its repressive policy towards cryptos, has now fully given priority to its Central Bank Digital Currency (CBDC).

The digital yuan is still in its experimental phase. However, during a conference held at Fintech Week in Hong Kong, the Managing Director of the Digital Currency Institute of the People’s Bank of China, Mu Changchun, announced very encouraging news.

He said that around 140 million crypto wallets have been opened since the start of the trials. In fact, around 10% of the Chinese population already have their digital yuan wallet.

In addition, the latter pointed out that more than 1.5 million merchants already accept digital yuan payments. As of October 27, 2021, the global digital yuan transaction amount was around 62 billion Chinese yuan (or some $ 9.7 billion).

At the end of October, the Indian Parliament said it was considering regulations for its own official digital currency. India may be the next country to join the CBDC craze.