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Number of digital yuan wallets issued in China reaches 140m

Some 140 million people had opened “wallets” for China’s new digital yuan as of October and used it for transactions totalling around 62 billion yuan ($9.7-billion), a senior Chinese central bank official said on Wednesday. digital yuan wallets

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However, Mu Changchun, the director-general of the digital currency institute of the People’s Bank of China, told Hong Kong’s “Fintech Week” conference there was no official launch date for the digital currency, also known as the e-CNY.

Central banks around the world are looking at developing central bank digital currencies (CBDCs) to modernize their financial systems, ward off competition from cryptocurrencies like bitcoin and speed up domestic and international payments.

China’s efforts are among the most advanced globally, and the country has been running various trials and pilot schemes of different payment scenarios since last year.

Mu said so far 1.55 million merchants could accept payments using eCNY wallets, including utilities, catering services, transportation, retail and government services.

The Digital Yuan e-CNY platform is the fastest growing, with millions of users in just a few months. Since it is recent and has yet to be released in the crypto world, its present valuation is less than USD. On the other hand, a wise trader anticipates the potential and spends in a new growing currency until it reaches its real worth.

To get started investing in digital Yuan, you’ll need to buy some ECNY on an exchange. You can sell, swap, or keep the digital currency until you have it. Many buyers keep their ECNY in the hopes that it will appreciate in value.

There are several platforms available for purchasing or exchanging Digital Yuan (ECNY).

Users can hold e-CNY in a mobile phone “e-wallet” app, and the ability to purchase e-CNY is currently set to be possible through China’s six large state-owned banks and the bank affiliates of Tencent and Ant Group, which control China’s two dominant digital retail payment platforms. digital yuan wallets

The procedure consists of only a few basic steps. The wallet can work similarly to a virtual bank account. It creates a one-time usage address, equivalent to an email address that you can use to send and receive currency.

 

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