According to an official from the People’s Bank of China (PBOC), the People’s Bank of China digital currency (CBDC), or digital renminbi, has been used in transactions worth nearly 10 billion U.S. dollars. In addition, government digital wallets have been downloaded by approximately 140 million people.

The adoption rate of digital renminbi has risen, and the transaction volume is close to 10 billion U.S. dollars

Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China, shared the progress of the adoption of the digital renminbi at the Hong Kong Fintech Week Conference on Wednesday.

He revealed that as of October, about 140 million people had downloaded the eCNY wallet of the People’s Bank of China Digital Currency (CBDC). In addition, according to Reuters, the digital renminbi has been used in transactions totaling approximately 62 billion yuan ($9.7 billion).

Although China has been actively testing its digital renminbi, officials from the People’s Bank of China stated that the digital currency has no official release date.

Mu added that so far, 1.55 million merchants can use eCNY wallets to accept payments, including utilities, catering services, transportation, retail, and government services.

More and more central banks around the world are exploring the launch of their own CBDC.According to the Atlantic Council CBDC tracker, 87 countries are now exploring CBDC. Among them, 7 have been launched, 17 are pilot projects, 15 are under development, and 39 are under development.

In September, Benoît Cœuré, head of the Innovation Center of the Bank for International Settlements (BIS), urge The central bank is now taking action against the central bank’s digital currency to compete with the initiatives of the private sector, including cryptocurrencies.

What do you think of the number of people who have already used the digital renminbi? Let us know in the comments section below.

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