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The Digital Yuan is utilized in transactions totaling $10 billion, and 140 million people have digital yuan wallets

 

Chinese central banker Mu Changchun spoke at Fintech Week in Hong Kong about how the digital yuan has progressed thus far, and how it will continue to grow. China's central bank's digital currency, the eCNY wallet, has been downloaded by more than 140 million users as of October, according to the article. At the time of this report's publication, Reuters estimated that the digital yuan had been used in transactions worth $9.5 billion. A PBOC official claims that the digital yuan has no official launch date, despite China's active testing of the digital currency. eCNY wallets have been accepted by 1.55 million retailers as of this writing. Utilities and catering, transportation and retail are among the other businesses that Mu cites. According to a source, more central banks are considering setting up their own CBDC. ' In the CIA Factbook, there are seven of them in operation, 17 in pilot mode, 15 in development, and 39 currently under consideration.

According to Benoît Curé, a director at the Bank of International Settlements' Innovation Hub, central banks need to move rapidly on digital currencies to compete with private-sector ventures like cryptocurrencies in order to remain relevant.

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