Digital Yuan In China Reaches 260 Million Citizens: Testing Continues

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Digital Yuan tests in China last June saw the delivery of 40 million Yuan to the citizens involved, an important step towards the greater spread of virtual currency within the borders of the Dragon. This trial period is continuing and successfully, as 261 million users are now part of the project.

As noted by TechCrunch, in fact, the digital portfolio of the Central Bank of China is today one of the smartphone applications with the fastest growth on the market, with about one fifth of the population enrolled. The creation of e-CNY wallet is now on the agenda in Beijing and not only, so much so that transactions are counted for a value of 87,5 billion Yuan – 13.78 billion dollars at the current exchange rate.

The digital Yuan experiment in large cities continues today and the crucial step has been taken: the release of e-CNY wallet on iOS and Android in China. In this way, the government led by the CCP speeds up the spread of digital currency by anticipating the European Union with its digital Euro still in development.

But what exactly will the digital Yuan be aiming at? First, diversify the forms of cash provided to the public by the Central Bank, thereby supporting financial inclusion. Another important detail is the willingness to support fair competition, efficiency and security of retail payment services. Finally, the exploration of the improvement of cross-border payments is another aim.

The next Winter Olympics will be a new essential testing ground: with the arrival of athletes, tourists and investors on the Dragon’s soil, the volume of trade will also increase, further testing the Chinese digital currency. It will be interesting to understand, therefore, when the digital Euro will arrive and if it will be equally successful.

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