The number of Chinese E-CNY wallets rose to 140 million, which is 10% of the population. When it comes to creating a digital version of the local currency, China is one of the most advanced countries in the world. In the past few months, the country has launched several campaigns to promote the digital yuan.

As a result, the number of E-CNY yuan digital wallets has grown to 140 million, of which 10 million are corporate accounts, according to a senior official with the People’s Bank of China. This corresponds to about 10% of the local population and is 7x more than the 24 million in June. Additionally, e-CNY transactions hit 62 billion yuan, or $ 9.7 billion, compared to $ 5.4 billion four months ago.

However, one person can open multiple accounts as the only requirement is to provide a phone number.

Since the e-CNY payment method is relatively new, it can be used in criminal activities. Xinmin, Liaoning, China police arrested 11 foreign members of a fraud gang who were using the country’s first digital yuan for money laundering activities.

The upcoming Winter Olympics and Chinese’s intention to allow athletes and overseas visitors to use its CBDC have fueled tension between the two economic superpowers.

Republican Senators Cynthia Lummis, Marsha Blackburn, and Roger Wicker have urged the U.S. Olympic Committee to ban U.S. athletes from using the digital yuan during the event over espionage concerns.

China’s State Department responded quickly by urging Americans to “obey the spirit of sport” and not cause problems with the digital yuan. In addition, they stated that the US does not know exactly what a digital currency is.

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Annie

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