Yesterday the People’s Bank of China shared the latest digital yuan figures, but chose not to mention the number of wallets that have been opened. In January, it announced there were 261 million personal wallets by the end of 2021, representing almost 19% of the population. Yesterday’s CBDC announcement did not mention wallet figures but stated there had been 264 million cumulative tranactions as of May 31, worth 83 billion yuan.
Conceivably there were issues with the December numbers, as cumulative transactions to the end of last year were a higher figure at RMB 87.6 billion. Given both figures are cumulative, that doesn’t make sense unless the latest figures are only for the current year. But that was not made clear (see later). The statistics are even more curious given the use of the digital yuan at the Beijing Olympics, which was held this February. We’ve included the statement below.
In other news, whitelist restrictions have been removed in four regions – Shenzhen, Suzhou, Xiong’an New District and Chengdu. We interpret that as anyone that registers can use the digital currency, as would be the case in a production deployment. Zou Lan, Director of the Monetary Policy Department of the People’s Bank of China, said that the pilot areas have expanded from 11 to 23 regions in 15 provinces and cities.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
