Did you know that there are 140 million digital yuan accounts in China?
The number of digital yuan accounts has increased almost seven times since the end of June. This growth is a monumental achievement that will help China to reach its goal of a cashless society.
The Rise Of The Digital Yuan Wallets
e-CNY transactions reached 62 billion yuan, or $9.7 billion, as the number of digital yuan wallets grew to 140 million, 10 million of which are corporate accounts.
In recent months, e-yuan has been featured in numerous campaigns aiming to promote its use among Chinese citizens. China is one of the most advanced nations globally when it comes to developing a digital version of a currency.
According to a top official at the People’s Bank of China, 140 million people have now opened digital yuan wallets, which is approximately 10 percent of the population. These accounts totaled 24 million in June, compared to nearly seven times less in June.
In the last four months, yuan transactions have risen from $5.4 billion to $9.7 billion.
Even so, it’s pointing out that a single individual can open multiple accounts since the only requirement is a phone number.
In another report, the Xinmi Police reported that 11 gang members were arrested for using digital yuan to run money laundering scams, as digital yuan is a relatively recent payment method that might be used in criminal activities. An overseas fraud group hiding in Cambodia is believed to have hired the criminals.
USA-China Tensions over The Digital Yuan
In light of the upcoming Winter Olympic Games in Beijing next year, and in particular China’s intention to permit athletes and foreign visitors to use its CBDC, tensions between the two economic superpowers have been escalating.
As a result of concerns over snooping, Republican Senators Cynthia Lummis, Marsha Blackburn, and Roger Wicker called on the US Olympic Committee to forbid American athletes from using the digital yuan at the games.
China’s Foreign Ministry quickly responded to the verbal attack by telling the Americans to “abide by the spirit” of the yuan and stop making trouble out of it.Chinese officials stated that the US was unaware of what digital currency actually is:
“We suggest they figure out what a digital currency really is. The US politicians should abide by the spirit stipulated in the Olympic Charter, stop making sports a political matter, and stop making troubles out of the digital currency in China.”
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
