Since the end of 2020, China has been undergoing trials for the testing of digital yuan. The country hasn’t been showing any signs of slowing down with the trial and testing for their central bank digital currency (CBDC). They are constantly taking their digital yuan through the testing platforms and scenarios.
This is mainly because China aims to test and launch the digital yuan either towards the end of 2021 or at the beginning of 2022. The country is aiming to do before with Winter Olympics and wants the tourists to have the first glimpse of the digital yuan.
China recently went ahead and boosted the number of people that it has brought on board for the testing and utility of the digital yuan. The Chinese officials reportedly shared the number of digital yuan testing participants during the Hong Kong Fintech Week.
In the particular seminar, they went ahead and shared the number of participants that had joined their digital yuan testing platform until the end of October of 2021.
The digital yuan has been gaining fast adoption throughout Chinese soil and the number of e-CNY users is constantly growing larger. While other countries are aiming to launch their digital currencies that would run alongside fiat cash, China aims to fully replace paper money with e-CNY.
This is the reason why the country is going through extensive testing for the digital yuan. The country literally spent the past 12 months carrying out extensive testing of the digital yuan. During the trial and testing phase, they have carried out all kinds of local and cross-border transactions.
There hasn’t been a single instance where the e-CNY would have failed or may have shown some kind of discrepancy. As the people in China are already used to the idea of digital transactions, therefore, it is not difficult for them to get used to e-CNY.
The people are showing great interest in the adoption of digital yuan and it is not just the individuals with such interests, but the corporates are also on the same page.
The regulatory authority is responsible for carrying out the development, issuance, testing, and then officially launching e-CNY is the People’s Bank of China (PBoC).
It was Mu Changchun, the head of the Digital Currency Institute at PBoC who shared the remarkable results and the user following of digital yuan.
While sharing his reviews and the progress of digital yuan during the seminar, Changchun revealed the number of users. Changchun revealed that until the end of October 2021, they had recorded the signing of over 140 million accounts for digital yuan.
The PBoC has announced that it plans to launch the CBDC in the next few months and once that happens, e-CNY will become one of the most adopted fiats in the cryptocurrency industry.