10% of Chinese people already use digital yuan, central bank says

China starts using its digital yuan

According to Bloomberg media outlet, the figure was confirmed by Mu Changchun, the head of the central bank’s institute dedicated to digital currency. Of these 140 million accounts, 10 million are accounts linked to businesses. The vast majority of accounts were therefore created by individual users.

About ten regions in China are testing the digital yuan, which is not yet officially launched. But they made it possible to generate transactions to the tune of 62 billion yuan, or nearly 10 billion dollars.

An MNBC that becomes clearer

It was also an opportunity for the central bank to provide more information on the thresholds of the digital yuan. It is possible to create an account only with a phone number, as long as you limit your daily transactions to less than 5,000 yuan ($ 781) and annual transactions to 50,000 yuan ($ 7,815).

The highest level, which does not apply any transaction limits, requires the highest level of security. The account holder must open it with a bank, presenting identification documents.

Mu Changchun also explained that the Central Bank of China would not provide information on payments made to third parties or other government agencies unless required by law.

👉 More info – China unveils digital yuan white paper and confirms the use of smart contracts

China bets big on digital yuan

China has in recent months carried out a purge of the mining industry and cryptocurrencies in general, in preparation for the launch of its digital yuan. The government wants to promote its central bank digital currency without being encumbered by alternative assets that have shown their interest for its population.

The 2022 Winter Olympics, which will take place in February, will mark a priori the launch of the digital yuan for China. Already, the country has encouraged foreign companies, including Visa and McDonald’s, to open up to its digital currency. This puts China at the forefront of the race for central bank digital currencies, and it may well have a speeding effect for other major economies.

👉 To read on the same subject – Edward Snowden: “Bitcoin (BTC) is stronger after the ban on cryptocurrencies in China”

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About the author: Marine Debelloir

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Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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