China’s CBDC platform registers 180m wallets, 7.3t yuan in transactions

China’s CBDC implementation has reached a major milestone, with 180 million personal wallets and a staggering transaction volume of 7.3 trillion yuan in pilot regions.

China’s ambitious push for a central bank digital currency is gaining momentum; Millions of people are embracing the new solution and changing the way money moves.

As of July, the Chinese CBDC, also known as digital renminbi, or e-CNY, had registered 180 units, Changchun Mu, general manager of the digital currency institute at the People’s Bank of China, wrote in a column for Chinese media giant SINA. million personal wallets were opened and a total transaction volume of 7.3 trillion yuan ($1.02 trillion) was realized in the pilot regions.

The PBoC has been proactive in the development of the digital currency since 2014, conducting extensive tests and pilots in cities such as Shenzhen and Beijing. The e-CNY application launched by the PBoC has been instrumental in integrating the digital currency into sectors such as retail and public transportation.

Despite rapid growth, adoption challenges remain. Sammy Lin, an account manager at a state-owned bank in Suzhou, previously told local news media that many users, including himself, are hesitant to store their funds in digital yuan wallets due to limited functionality and lack of interest earning.

China’s efforts are part of a broader global trend, with 134 countries exploring CBDCs as of September, according to Atlantic Council data. This marks a sharp increase from the number of 35 in 2020. For example, 65 countries, including India, Brazil, and Australia, are in advanced stages of CBDC development, pilot testing, or launch. All G20 countries are also exploring digital currencies, with 19 of them in advanced stages.