Chinese Users Are Little Interested in Digital Yuan

According to the the former director of research of the PBoC and professor of finance at Tsinghua University Xie Ping, the cumulative volume of transactions in e-CNY for two years has amounted to just over 100 billion yuan ($14 billion), which is “not ideal.”

He has said:

“CBDC usage has been low, extremely inactive.”

At the end of last year, there were 261 million unique digital wallets in the system, despite the improvement of their functionality and the expansion of pilot projects.

By comparison, according to a China UnionPay report, there were 903.6 million people using mobile payments in China on the same date.