$9.5 billion spent using Chinese central bank's digital currency - official




  • In Business
  • 2021-11-03 09:20:51Z
  • By Reuters
 

HONG KONG (Reuters) - 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.

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 modernise 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.

($1 = 6.3962 Chinese yuan renminbi)

(Reporting by Alun John; Editing by Mark Potter)

COMMENTS

More Related News

China
China's Third-Biggest IPO of the Year Surges in Trading Debut

(Bloomberg) -- Shares of Hygon Information Technology Co., a maker and distributor of computer components, surged in their Shanghai debut, making them this...

Mazda seeks to reduce dependence on Chinese supplies after COVID lockdowns
Mazda seeks to reduce dependence on Chinese supplies after COVID lockdowns

Japan's Mazda Motor Corp said on Friday it would ask its parts suppliers to increase stockpiles in Japan and produce components outside China after COVID-19 ...

Parts of China
Parts of China's Hainan extend COVID lockdown, Lhasa in Tibet tightens curbs

A few cities in China's tourism hub Hainan extended lockdowns on Friday, with some of the measures expected to last through the weekend, while Lhasa in Tibet...

China poised to partially renew medium-term policy loans, keeping rate steady
China poised to partially renew medium-term policy loans, keeping rate steady

China's central bank is widely expected to partially roll over maturing medium-term policy loans on Monday, while keeping borrowing costs unchanged for the...

China
China's Mounting Risks Set Stage for PBOC to Rein In Stimulus

(Bloomberg) -- China may be ready to curb some of the excess liquidity sloshing in the banking system as it turns its focus to mitigating risks in the...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business