PBoC Official Says China Has Achieved the Milestone of 140M Digital Yuan Wallets

An increase of amount has been reported in the Chinese wallets of digital yuan, which took it up to 140 million, and among them, 10 million are known as corporate accounts. Transfers made into e-CNY touched 62B yuan (nearly $9.7 billion).

Seven Times larger than the June

When it comes to the development of a virtual version of a local currency, the efforts of china are considered to be the most innovative around the globe. In the previous months, the largest populated country of the world initiated several campaigns targeting to promote the e-yuan in the natives. After all these improvements, a People’s Bank of China’s prominent official informed that the figure of persons who have started the wallets of digital yuan reached up to 140 million (approximately 10% of the native population). Comparatively, in June, the amount of the respective accounts was almost as smaller as seven times at 24M.

A significant upsurge has also been witnessed in the transaction of digital yuan between the previous $5.4B and the present $9.7B. Nonetheless, figures are ambiguous because one individual is capable of opening beyond one account as to deliver a phone number is the only requirement. Since the method utilized to transact e-CNY payments is relatively unique, the utilization thereof can be incorporated into criminal activities. In this respect, it has been pointed out by another report that 11 gang affiliates were arrested by the Xinmi Police following it figured out the earliest instance of digital yuan’s use in activities like money laundering. The criminals have supposedly operated having push from a group of overseas hidden in Cambodia.

The China-USA contention regarding the digital yuan

The forthcoming 2022’s Winter Olympic Games, which are going to be held in Beijing, as well as, more particularly, China’s objective to permit foreign visitors as well as athletes to utilize the CBDC thereof, agitated the pressure between the two Superpowers in terms of economy. The Senators from the Republican side like Roger Wicker, Marsha Blackburn, and Cynthia Lummis persuaded the Olympic Committee of the United States to prohibit the US sportspeople from utilizing the digital yuan while attending the event because of some spying apprehensions.

The Foreign Ministry of China immediately reacted verbally by stating that the US authorities should not make any trouble for digital yuan. The Chinese authorities alluded to even state that America does not know what specifically virtual currency is.