China’s own digital currency is doing well
As a country, China has its own crypto: the digital yuan. And that own digital currency is going well.
The country has its own digital yuan. So they have made their currency digital. The same if Europe had a digital euro. Smart? Certainly, because the crypto is running well. China’s digital currency usage is worth about $10 billion in transactions, 140 million people have digital yuan wallets.
China and its own digital currency
Much in the country is controlled by mother state. So also money. According to an official from China’s central bank, the People’s Bank of China (PBOC), the central bank’s (CBDC) digital currency, the digital yuan, has been used for transactions worth nearly $10 billion. In addition, the government’s digital wallet has been downloaded by approximately 140 million people. This increases the adoption of ‘Digital Yuan’ considerably.
Mu Changchun, the director general of China’s central bank’s digital currency institute, shared the progress of the adoption of the digital yuan at Hong Kong’s Fintech Week conference Wednesday.
Other countries
China, with its own digital currency, is therefore at the forefront of this. Perhaps because the state has so much power. Then it is a little easier to enter. The country is actively testing the digital yuan so right now, it’s running smoothly. The PBOC official said there is no official launch date for the digital currency.
A growing number of central banks worldwide are exploring the launch of their own CBDCs. According to the Atlantic Council’s CBDC tracker, 87 countries are now investigating a CBDC. Among them, seven have been launched, 17 are being tested, 15 are under development and 39 are under investigation.
