Cryptocurrencies in China: The CBDC project gains momentum
Cryptocurrencies in China: The CBDC project gains momentum
The People's Bank of China (PBoC) said that the Central Bank Digital Currency (CBDC) pilot project is gaining popularity, with 36 million digital wallets already opened in the city of Shenzhen.
In early June, the Shenzhen branch of the PBoC announced the launch of SIM cards with integrated e-CNY CBDC wallets, which can be used even when phones are not connected to the network or turned off, Cryptonews reported.
According to the PBoC report, by the end of June 2023, individuals and businesses in Shenzhen would have opened nearly 36 million digital yuan wallets.
Authorities in Shenzhen, China, said that businesses in the city accept payment in digital CNY; there are already more than 2.1 million such merchants actively supporting the CBDC.
The PBoC believes that in this way, CBDC has found its way into "ordinary people's homes". Now, the PBoC plans to further expand the use of digital yuan.
According to the PBoC report, the bank will strive to promote payment in digital yuan in prepaid transactions as well as actively apply it to various types of financing.
The PBoC believes that in this way, it is possible to optimise cross-border digital yuan spending between Shenzhen and Hong Kong.
Also, our portal reported that Japanese banks announced the use of XRP for international transactions.
