![]() Those who use e-CNY often do so because they have vouchers, given as subsidies by banks and merchants to encourage use of digital yuan. Two cashiers at a Wumart store in eastern Beijing told the Post on Wednesday that "not many" customers have chosen to pay with digital yuan. NFTs are hot commodities in China despite ban on profit The 2022 Winter Olympics is scheduled to begin February 4 in China's capital, where foreign visitors will also be able to use e-CNY without a domestic bank account, the central bank said last year.Īn increasing number of places in the city now support e-CNY payments, including buses, subway stations, the Wumart supermarket chain, and certain merchants at tourist spots such as the Forbidden City, Old Summer Palace, and Badaling, the most-visited portion of the Great Wall.Īt the same time, use of e-CNY lags far behind Alipay and WeChat Pay, which together control over 90 per cent of the mobile payments market. ![]() Photo: Bloomberg>įor now, though, use of the digital currency is limited to designated cities, including Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, Dalian, and Beijing, which includes Winter Olympics venues. Photo: Bloomberg alt=Signage for the digital yuan at a self check-out counter inside a supermarket in Shenzhen on November 20, 2020. Signage for the digital yuan at a self check-out counter inside a supermarket in Shenzhen on November 20, 2020. In October, the app had just 140 million individual digital yuan accounts and 10 million corporate accounts, Mu Changchun, head of the PBOC's Digital Currency Research Institute, the unit in charge of the digital yuan, said in November.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The rapid growth of e-CNY is part of the central bank's aggressive push to boost adoption of the country's central bank digital currency (CBDC), which is being trialled in at least 11 cities. 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. 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.
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