China’s digital currency: e-CNY wallet nearly doubles user base in two months to 261 million ahead of Winter Olympics

  • The e-CNY app had been used in transactions totalling US$13.8 billion by the end of December as the central bank pushed adoption of its digital currency
  • The currency has no official nationwide launch date, but is being trialled in several cities and at Winter Olympics venues

The e-CNY app seen in Apple’s App Store atop a yuan banknote on January 6, 2022. Photo: EPA-EFE
China’s official digital yuan app, e-CNY, had 261 million unique users at the end of 2021, nearly twice what it had in October, even before it was released in app stores this month, according to a central bank official.

The digital yuan, officially known as the Digital Currency Electronic Payment, was also being accepted by more than 8 million merchants by the end of December, and had been used in transactions totalling 87.6 billion yuan (US$13.8 billion), Zou Lan, head of financial markets at the People’s Bank of China (PBOC), said at a press conference on Tuesday.

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