Central Bank Digital Currencies are the new market craze right now. Almost all nations are working on the same either openly on behind closed doors. And China is one of them, but they have nothing to hide as the country has even launched the pilot trial of its digital Yuan. In fact, this trial is going extremely well as China’s CBDC now has 261 million users, and over $14 billion in transactions are already made. China is definitely a lot ahead in terms of the development and adoption of its own CBDC.
The massive growth in China’s CBDC adoption
China has always been one of the nations that make everything of its own. It has both positive and negative sides. For example, all major companies like Google, Youtube, Facebook are banned there with the country’s citizens using Chinese alternatives. These alternatives are almost duplicates of what these companies offer. And now, the country, after banning cryptocurrencies, has made its own digital currency that is supposed to be used by the country’s citizens.
Over 8 million merchants are already accepting it. And this has resulted in such a huge transaction volume and adoption in such a short time frame. It is difficult to say whether this adoption happened because users really wanted to use digital Yuan or they were forced to. But still, China has raced a lot ahead in terms of its CBDC. In fact, the wallet app for its digital Yuan has become one of the fastest-growing apps in terms of download recently. All this information was reported by Zou Lan in the latest conference conducted on Tuesday.
The adoption is only going to go up
First of all, we need to know that the numbers quoted are still when the CBDC is not rolled out nationwide. There are still trial regions in China where people are using it. Even the signup process in these apps is restricted to only top users present in the trial regions. Secondly, China is going to host the Winter Olympics, which could be a great place for them to advertise about the CBDC and get even more users.
What are your thoughts on the fact that China’s CBDC now has 261 million users? And do you think they will be the first country to implement a digital currency nationwide properly? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.