China’s Digital Yuan Wallet Now Has 260 Million Individual Users

Jan 18, 2022

China's Digital Yuan Wallet Now Has 260 Million Individual Users

The Central Bank has created an application that has received a record number of downloads - a digital wallet. As Zou Lan, boss of China's financial markets department, said this week: "Almost 300 million users have already set up wallets with China's new digital yuan currency and have paid out $13.78 billion, or roughly 88 billion yuan, with the application, which is obviously a huge amount.”

The digital yuan innovation underwent tests and validation for two years before entering the mainstream market. The PBOC has since declared its experiment an official success, introducing its digital wallet earlier this year in Chinese versions of iOS and Android.

The new digital yuan is not a cryptocurrency, which is banned in China. Authorities believe crypto is insecure, has no intrinsic value and is only used for criminal activities.

The digital yuan has a very different purpose: it serves as physical money since it was issued by the Central Bank of China. It gives residents the ability to pay contactless.

In future plans, e-CNY will be used without an internet connection, which is very convenient.

According to the report of the Central Bank's electronic yuan development group, the digital yuan should:

Meet the demand for payment not only in cash, but also in digital form

Support payment security

Support and improve international payments

While the e-wallet program is already available for download, unfortunately not everyone can use it. At the moment, it's only available in a few cities. But during the Olympics, those who want to download and use the application will be able to do so. It will be possible to exchange cash for e-CNY through the services of banks such as WeBank and MyBank, because at the moment they are the only ones working with digital currency.

Subscribe Our Newsletter

Capital One Becomes First Big Bank To Ditch Overdraft Fees
Capital One Becomes First Big Bank To Ditch Overdraft Fees

Capital One (COF) stated on Wednesday that it will abolish overdraft charges at the beginning of the next year, making it the biggest bank to waive fees that cost Americans — particularly the financially weak — billions of dollars each year.

Banks and Finance
Expert Opinion: China’s Revised Delisting Rule Boosts Alibaba and Other Stocks
Expert Opinion: China’s Revised Delisting Rule Boosts Alibaba and Other Stocks

The Public Company Accounting Oversight Board (PCAOB) stated last week in a statement that it is continuing to communicate with Chinese authorities, but that its request for full access to relevant audit documents, especially from businesses in sensitive areas, is non-negotiable.

Companies
B2BROKER Liquidity B2BROKER Liquidity
Sponsored
Oliver

How to Use MT5 to Trade Cryptocurrency
Modern financial market research methods involve investing in financial assets (in particular, forming a securities/assets portfolio), which is carried out based on thorough analysis. At the moment, it's possible to find many valuable tools for traders, which in one way or another, facilitate the process of trading or preparing a setting for this trade.

discover
Triangle Patterns in Trading: Ascending, Descending & Symmetrical Guide

Vitaliy

Triangle Patterns in Trading: Mastering Ascending, Descending & Symmetrical Strategies for Maximum Profit

Master triangle chart patterns for stocks, forex & crypto. Learn to trade ascending, descending & symmetrical triangles with real examples and back-tested stats.

Trading
Contact us bg

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Hazem

    5 Reasons Traders Are Switching to Perpetual Futures

    5 Reasons to Switch to Perpetual Futures

    Constantine

    Top 3 Liquidity Challenges Facing New Exchanges and How to Solve Them

    Top 3 Liquidity Challenges Facing New Exchanges Today

    Constantine

    Financial Planning in the Cryptocurrency Era — Master Crypto and Digital Asset Strategies

    Financial Planning in the Cryptocurrency Era

    Hazem

    Best Platforms to Trade Perpetual Futures in 2025

    Best platforms to trade perpetual futures in 2025

    Alex

    Top 10 Fintech Website Development Agencies for 2025

    Best Fintech Website Development Agencies for 2025

    Сonstantine

    Internal vs External Range Liquidity In ICT Trading Explained

    Internal vs External Range Liquidity In ICT Trading

    Constantine

    Portfolio Backtesting — Tools, Metrics, and Methods Explained

    Portfolio Backtesting

    Сonstantine

    ICT Trading Explained: Smart Money Concepts, Tools and Setups

    ICT Trading Explained

    Сonstantine

    CFD Trading Strategies: A Practical Guide to Risk and Execution

    CFD Trading Strategies

    Alexander

    What is a Fair Value Gap? A Guide to Trading Market Imbalances

    What is Fair Value Gap

    Vitaliy

    Triangle Patterns in Trading: Mastering Ascending, Descending & Symmetrical Strategies for Maximum Profit

    Triangle Patterns in Trading: Ascending, Descending & Symmetrical Guide

    Alexander

    What Is COTI? Payments, Token & Price Prediction

    What is a COTI coin

    Constantine

    Best Copy Trading Software in 2025

    Best Copy Trading Software in 2025

    Alex

    What Is an AI Agent? The Future of Finance Explained

    AI Agent Explained

    Constantine

    How to Start a Liquidity Provider Business?

    How to Start a Liquidity Provider Business

    Constantine

    How to Start a White Label Brokerage?

    How to start a white label brokerage

    Constantine

    How to Start a Multi-Asset Brokerage?

    How to Start a Multi-Asset Brokerage

    Hazem

    Crypto Ransomware – How They Happen and How to Avoid Them

    Crypto ransomware explained

    Constantine

    Best Web3 Browsers in 2025

    Best Web3 Browsers

    Constantine

    Best DAO Projects in 2025

    Best DAO projects in 2025

    Alexander

    Crypto Nodes That Pay: Your 2025 Guide to Top Passive Income Opportunities in Crypto

    crypto nodes that pay

    Alex

    Pi Network: Scam or Groundbreaking Crypto? The Full Analysis

    Pi Network Explained

    Constantine

    Triple Net Lease: Meaning, Benefits, and Strategies Explained

    Triple Net Lease

    Constantine

    Hanging Man Pattern: How to Identify and Trade It Effectively

    Hanging Man Pattern
    liquidity-provider-logo
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
      • White Label Brokerage Platforms
      • Broker CRM Platforms
    [email protected]

    © 2024 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.