Every tenth Chinese has the technical ability to pay with the digital yuan.
Agency Reuters reported that the experiment of the Chinese authorities to introduce the digital yuan into circulation shows conflicting results. On the one hand, after the appearance in the Chinese version of the Apple app store of a specialized payment client for working with the digital yuan, it remained the most downloaded software for five days, and the number of users of the official digital currency of China increased by 2.5 million people during this time.
Image Source: Reuters
On the other hand, the circulation of the digital yuan is still predominantly in ten geographical areas, and you can open an electronic wallet to work with it only in selected banks. Many businesses simply don’t accept e-yuan payments, users explain, and Alipay and WeChat Pay platforms remain the more common alternatives.
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By October last year, the number of digital yuan wallets in China had grown to 140 million. In other words, every tenth inhabitant of the country had the opportunity to pay with the official state cryptocurrency. Experts argue that the popularization of the digital yuan can be facilitated by payments in this currency for utilities and medical services. Last November, 1.55 million Chinese entrepreneurs were already ready to work with payments in digital yuan. Now this currency is in circulation mainly in the retail sector, but over time it should also cover the financial sector, as well as cross-border settlements.
