Thursday, May 19, 2022

20% of the Chinese population has set up wallets for the country’s CBDC.

The Takeaway:

According to state media reports, about 261 million digital wallets for China’s digital RMB digital currency have been set up before the Winter Olympics.

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Chinese local media outlets report that approximately a fifth of the country’s population, some 261 million people, have set up wallets for the country’s central bank digital currency (CBDC), the digital renminbi (RMB). The information was revealed at a press conference held by the State Council Information Office on Jan 18. The reports also mentioned that it had crossed transaction volumes of 87.5 billion, following several successful pilots in major cities. 

 

CBDC is expected to be used in the 2022 Winter Olympics.

Chinese CBDC pilots were held in Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, and Dalian. These pilots have been launched in preparation for the CBDC’s use in the 2022 Winter Olympics in Beijing. The success of the pilots, gauged by the transaction volume and number of e-wallets, has led to the planning of more pilots and research. The plan is to further expand the use of digital renminbi in retail transactions, living payments, and government services. It also wishes to draw more enterprises into the use of the asset.

 

China is rapidly developing and launching pilots for its digital currency. 

China is rapidly developing and launching pilots for its national digital currency and is ahead of many other countries. It is by no means the only country to have a CBDC — as others have already launched it — but it is certainly the largest economy so far. China is well known for being a country that is focused on digitizing its economy and implementing new technologies. Other countries have realized that they must do the same and have accelerated their efforts. Alongside regulation, CBDCs remains a key point on the agenda of many regulators around the world.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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