According to reports, 140 million digital yuan wallets have been opened in China. 10 million of these are corporate accounts. The transaction volume in e-CNY was 62 billion yuan or $9.7 Billion.
Seven Times More Than June
China is one of the world’s most advanced countries when it comes to creating a digital version for a national currency. The most populous nation launched numerous campaigns in recent months to promote the e-yuan with locals.
A top official from the People’s Bank of China stated that 140 million people have opened digital wallets, roughly 10% of the total population. These accounts, which were 24 million in June, were almost seven times smaller than the June figure.
The number of digital yuan transactions has also increased from $5.4 billion four-months ago to $9.7 trillion as of now.
It is important to note that a single person can open multiple accounts. The only requirement is to provide an address.
The e-CNY payment method is still relatively new and can be used in criminal activities. Another report states that 11 gang members were arrested by the Xinmi Police after they cracked down on the first use of digital yuan to finance money laundering. According to reports, the criminals acted for an overseas fraud group in Cambodia.
The USA-China Controversy Over The Digital Yuan
Tensions between the economic Superpowers have heated up due to the upcoming Winter Olympic Games in Beijing, China, and specifically China’s plan to allow foreign athletes to use its CBDC.
Roger Wicker, Marsha Blackburn and Cynthia Lummis, Republican Senators, urged the US Olympic Committee not to allow American athletes to use the digital yuan during an event, citing spying concerns.
China’s Foreign Ministry swiftly reacted to the verbal attack and told the Americans to “abide in the spirit” and to stop trying to make a mess of the digital currency. Further, the Chinese officials stated that the US does not know what digital currency is.
We suggest that they find out what a cryptocurrency is. The US politicians must abide by the Olympic Charter spirit, stop making sport a political issue, and stop making trouble out of China’s digital currency.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.