By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: China’s Central Bank Digital Currency (CBDC) reaches 180 million wallets, with ¥7.3 trillion in transactions by July 2024.
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > China’s Central Bank Digital Currency (CBDC) reaches 180 million wallets, with ¥7.3 trillion in transactions by July 2024.
Crypto

China’s Central Bank Digital Currency (CBDC) reaches 180 million wallets, with ¥7.3 trillion in transactions by July 2024.

News Room
Last updated: 2024/10/11 at 9:57 PM
News Room
Share
6 Min Read
SHARE

China’s central bank digital currency (CBDC), known as e-CNY, has made significant strides in its pilot program, with 180 million personal wallets and transactions worth ¥7.3 trillion ($1.02 trillion) recorded by July 2024. This milestone reflects China’s commitment to modernizing its financial system and reshaping how money is transferred. The Director of the Digital Currency Research Institute at the People’s Bank of China (PBoC), Mu Changchun, explained how the CBDC aligns with the needs of the digital economy, operating through the account model and the value model. The account model integrates with traditional bank accounts, making it user-friendly, while the value model enables smart payments on blockchain.

The digital RMB has already processed a significant amount of transactions, but the focus remains on enhancing user experience and service improvements. The system now supports diverse payment methods like scanning QR codes and newer features such as payments without electricity and using mobile SIM cards. China’s CBDC is also expanding its usability in public services like transportation, including buses and subways. To strengthen efficiency, there is a need to improve support systems to ensure secure and seamless operations across banks and institutions.

Despite the progress made by China’s CBDC, challenges remain in its adoption. Concerns have been raised regarding the limited functionality of digital wallets compared to traditional accounts and the absence of interest earnings, leading to hesitancy among users to store funds in digital yuan wallets. Additionally, the traceability of China’s CBDC raises privacy and security issues, with users fearing exposure of their financial data, prompting some to convert digital currency back into cash to avoid risks. The government’s control over digital currency spending based on digital IDs also raises concerns about individual autonomy.

China continues to lead the global race for CBDCs, with 134 countries exploring the concept as of September 2024, a notable increase from 35 in 2020. Sixty-five nations, including major economies like India, Brazil, and Australia, are in advanced stages of CBDC development or pilot testing. China’s next steps in innovating and addressing user concerns will be crucial for broader acceptance of its digital currency in the global landscape. The ongoing pilot program of China’s CBDC demonstrates the country’s dedication to modernizing its financial system and staying at the forefront of digital payment technologies. The Director of the Digital Currency Research Institute at the PBoC, Mu Changchun, highlighted the features of China’s CBDC, including the account model and the value model, which cater to the needs of the digital economy.

The digital RMB has already processed a significant amount of transactions, but the focus remains on enhancing user experience and service improvements. The system now supports diverse payment methods like scanning QR codes and newer features such as payments without electricity and using mobile SIM cards. China’s CBDC is also expanding its usability in public services like transportation, including buses and subways. To strengthen efficiency, there is a need to improve support systems to ensure secure and seamless operations across banks and institutions.

Despite the progress made by China’s CBDC, challenges remain in its adoption. Concerns have been raised regarding the limited functionality of digital wallets compared to traditional accounts and the absence of interest earnings, leading to hesitancy among users to store funds in digital yuan wallets. Additionally, the traceability of China’s CBDC raises privacy and security issues, with users fearing exposure of their financial data, prompting some to convert digital currency back into cash to avoid risks. The government’s control over digital currency spending based on digital IDs also raises concerns about individual autonomy.

China continues to lead the global race for CBDCs, with 134 countries exploring the concept as of September 2024, a notable increase from 35 in 2020. Sixty-five nations, including major economies like India, Brazil, and Australia, are in advanced stages of CBDC development or pilot testing. China’s next steps in innovating and addressing user concerns will be crucial for broader acceptance of its digital currency in the global landscape. The ongoing pilot program of China’s CBDC demonstrates the country’s dedication to modernizing its financial system and staying at the forefront of digital payment technologies. The Director of the Digital Currency Research Institute at the PBoC, Mu Changchun, highlighted the features of China’s CBDC, including the account model and the value model, which cater to the needs of the digital economy.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room October 11, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Qatar’s successful election to the Human Rights Council will significantly amplify advocacy for marginalized communities, says NHRC Chairperson
Next Article GBP/USD Price News and Forecast: Pound Sterling rises following positive UK data, US PPI numbers soar
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?