China’s CBDC platform registers 180m wallets, 7.3t yuan in transactions

China’s central bank digital currency (CBDC) initiative has achieved a significant milestone, boasting 180 million personal wallets and a total transaction volume of ¥7.3 trillion yuan (approximately $1.02 trillion) across its pilot regions. This progress reflects the growing acceptance of the digital renminbi (e-CNY), which has been actively developed by the People’s Bank of China (PBoC) since 2014.

Changchun Mu, the director-general of the PBoC’s digital currency institute, highlighted this achievement in a column for SINA, emphasizing the app’s role in integrating digital currency into everyday sectors like retail and public transport. The e-CNY app has facilitated extensive testing in cities such as Shenzhen and Beijing, contributing to the rise in digital wallet adoption.

However, challenges to wider adoption persist. Users, including bank employees, have expressed hesitations about storing funds in digital yuan wallets, citing limited functionality and the absence of interest earnings as concerns.

China’s push for a CBDC is part of a global trend, with 134 countries exploring the development of their own digital currencies as of September. This represents a significant increase from just 35 countries in 2020. Among these, 65 countries—including India, Brazil, and Australia—are in advanced stages of CBDC development or pilot testing. Notably, all G20 nations are investigating digital currencies, with 19 currently in more advanced phases.