- 139 million people have now used China’s digital yuan app, as the country accelerates toward a more digitized economy.
- Residents in 9 major Chinese cities have access to E-CNY wallet, including Shenzhen, Beijing and Shanghai.
While there is no official launch date yet, the digital yuan is expected to be the first major central bank digital currency (CBDC) to be rolled out. After almost seven years of research into digital currencies, China is finally fast-tracking the broader rollout of its e-currency.
By mid-July, China’s digital yuan trial reached a staggering 34.5 billion yuan ($5.3 billion) in transactions with 21 million individuals using the virtual wallet. And now, a report by The Block reveals that around 140 million people have used China’s digital yuan app.
China leads the CBDC race
China started exploring digital currencies back in 2014, at a time when few had even heard of cryptocurrencies and Bitcoin. Other countries didn’t even enter the global race to launch CBDCs up until 2020 when crypto adoption took the world by storm. Nevertheless, courtesy of China’s first mover advantage, the country is years ahead of other major countries.