Chinese CBDC getting better success

Spike in the transactions of Chinese CBDC in the last 3 months is clearly showing that roll out of Chinese CBDC is on the mat of success. 

Q3 of 2021 was full of new decisions by the Chinese government to bring a step-by-step kick-out program for the whole crypto industry from that country. Reportedly the main aim of the crypto ban by China was planning to make the rollout of Chinese CBDC successful, in absence of any kind of competition. 

On 18 January, People Bank of China published a report on the transactions that took place in Chinese CBDC, or e-CNay or Digital Yuan. 

According to the published data by PBoC, a total of US$11.238 billion worth of transactions took place in Digital Yuan at the end of 2021. 

Before this, transactions data was recorded in October 2021. After October, within less than three months, Digital Yuan saw a 140% increment in digital transactions. 

In the same time frame, around 86.4% surge took place among the Chinese people to go with the Digital Yuan personal wallet. Through this achieved milestone by Digital Yuan, PBoC China hinted that Chinese native currency is the biggest power in the world in terms of better technology use case with the biggest economy. 

Between 22 October to 31 December, China facilitated a total of four airdrops, so that people can show their actual interest and can test it in the initial phase without any hesitation. Out of the four airdrops, two in Beijing, one in Qingdao, and one in Haikou. 

Future incoming Olympics games were expected to bring better uses cases with the Digital Yuan adoption, where it was expected that foreign people would be allowed to use them under special issued wallets. However, the recent spike in the wave of COVID-19 pandemic hinted that China’s plan to push the adoption of Chinese CBDC may not get a better attraction. Because public sellings of event tickets have been closed. 

Read also: Crypto crimes surging in China amid crypto ban