36 Million Yuan Digital Wallets Now Open

The sun sets over the city of Shenzhen, China.
Source: daizuoxin/Adobe

The Chinese city of Shenzhen says its residents have opened nearly 36 million yuan digital wallets as the nation’s central bank’s digital currency (CBDC) pilot program breaks new ground.

for him Shanghai Securities News and China Securities Network Newsthe claims were made by the Shenzhen branch of the central People’s Bank of China (PBoC).

The PBoC stated that “as of the end of June 2023,” Shenzhen-based individuals and companies had “opened more than 35.94 million CNY digital wallets.”

This figure marks “an increase of 7.6 million” wallets since the beginning of the year, the PBoC added.

The city claims that “more than 2.1 million merchants” based across the city now accept payments in the digital yuan.

China’s Shenzhen on CBDC Adoption Drive

The central bank claimed that the CBDC had now “found its way” into “the homes of ordinary people.”

And the Shenzhen branch of the PBoC claimed it was now aiming for further progress in adopting the digital yuan.

He stated that he would seek to “promote the application” of the digital yuan in “prepaid operations” as well as “supply chain financing.”

The bank concluded that it would also seek new ways to increase “e-CNY cross-border spending” between Shenzhen and Hong Kong.

A map of China, with the cities of Changzhou and Shenzhen highlighted.
Source: Dagvidur/Uwe Dedering [edited][CC BY-SA 4.0]

Further up China’s prosperous east coast, the city of Changzhou in Jiangsu province announced last week that it intends to give away $700,000 worth of digital yuan tokens and discount coupons before the end of the year. .

Earlier this month, the PBoC said it had launched a SIM-based CBDC wallet solution that can be used when phones have no network connection or are turned off.

Also this month, the Chinese branch of Singapore’s megabank DBS said it had launched e-CNY services for its corporate clients.