Number of digital yuan wallets issued in China reaches 140m

The total number of personal and corporate digital yuan wallets issued in China has risen from 24.5m in July to 140m as of October, an increase of nearly 600%, the People’s Bank of China’s Mu Changchun has revealed.

The number of transactions made using the central bank digital currency during China’s ongoing digital yuan pilot has also grown from nearly 71m to 150m with the total transaction value rising from 34.5bn yuan (US$5.4bn) to 62bn yuan (US$9.7bn) over the same period.

The bank’s digital currency institute director general told Hong Kong’s Fintech Week conference that the number of corporate digital yuan wallets had reached 10m compared with 3.51m in July and that 1.55 million merchants across China — including retailers, utilities, government services and transport providers — are now able to accept payments in digital yuan.

Changchun added, however, that “there was no official launch date for the digital currency,” according to a Reuters report.

The People’s Bank of China issued an official digital yuan trial progress report in July.

Number of digital yuan wallets issued in China reaches 140m was written by Tom Phillips and published by NFCW.