Chinese Digital Yuan Gets Early Traction as Transactions Hit $9.7 Billion

Source: Reuters 

Chinese central bank official Mu Changchun says about 62 billion yuan or $9.7 billion worth of transactions have been conducted via the country’s digital yuan “wallet.” USDCNY is up +0.07%.

• Around 140 million people have reportedly opened “wallets” for the digital Yuan, despite the country having no official date for the launch of the digital currency.
• Mu says about 1.55 million merchants could accept payments using the digital yuan.
• The increasing adoption comes even as China conducts trials and pilot schemes of the digital yuan since last year.
• China is currently among the leading advanced economies testing central bank digital currencies. The digital yuan is expected to modernize the country’s financial systems and ward off rivalry from other crypto assets.