The Digital Yuan is Coming: China is Accelerating the Rollout of a National Digital Currency! 🇨🇳

China is betting on the digitalization of the economy, with the digital yuan (e-CNY) playing a key role. The authorities are actively expanding pilot projects and integrating e-CNY into various areas.

* Large-scale expansion: The number of digital wallets grew from tens of millions at the beginning of 2021 to 261 million by the end of the year, and the transaction volume reached 87.5 billion yuan. By the end of June this year, the total transaction volume had already reached 7 trillion yuan (about 986 billion US dollars), indicating a rapid growth in popularity.

* Geography and integration: Testing began in 2020 in Shenzhen, Chengdu, Suzhou and Xiong'an, with other cities joining later. e-CNY is used in retail, utility payments and other areas.

* International cooperation: China is pursuing international cooperation on digital currencies, such as with Singapore.

* Goals: Strengthening government control over finances and reducing reliance on the US dollar for international payments.

* Technology: Every digital yuan issued cancels out one physical yuan.#eCNY#китай #CBDC