pilot digital yuan hits 87.57B yuan

He said the central bank would continue promoting research and development of the digital fiat currency, or the e-CNY, and further deepen the pilot use of e-CNY in retail services, government services, and other scenarios.

A total of 261 million personal wallets for the digital yuan had been opened, and the number of pilot scenarios had exceeded 8.08 million, said Zou Lan, an official with the Peoples Bank of China, at a press conference Tuesday.

File photo/Zhang Yi(NBD)

Chinas digital yuan transactions hit nearly 87.57 billion yuan (13.78 billion U.S. dollars) at the end of 2021, as the country ramped up research and pilot use of the central banks digital currency.

Chinas efforts in developing its central bank digital currency started in 2014 when it first conducted relevant studies, followed by the banks moves to engage in research and development cooperation with commercial banks and internet companies in 2022.