China Breached New Level Of 140M Digital Yuan Wallets: PBoC

China breached a new level of 140 million digital yuan wallets according to the PBoC official as the number of accounts increased seven times since the end of June as we are reading more in our cryptocurrency news today.

The number of digital yuan wallets in china surged to 140 million and about 10 million of them are corporate accounts with transactions in e-CNY reached 62 billion yuan or $9.7 billion. Speaking of creating a digital version of the national currency with China’s efforts are among the most advanced globally and in the past few months, the most populated nation launched plenty of campaigns aiming to popularize the digital yuan among the local habitants.
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As China breached a new level of 140 million digital yuan wallets, the top official at People’s bank of china informed that the number of people who opened the wallets reached 140 million equaling around 10% of the local population while in comparison, these accounts were about seven times less in June and stood at 24 million. Digital yuan transactions increased dramatically from $5.4 billion four months ago to $9.7 billion. It is still pointing out that one person can open more than one account as the only requirement is to provide a phone number.

Since the e-CNY payment transaction method is new, it can be employed in plenty of criminal activities, and another report reads that Xinmi Police arrested 11 gang members after they cracked down on the first use of the digital yuan in money laundering operations with criminals reportedly acted on behalf of overseas fraud group hiding in Cambodia. The upcoming Winter Olympic Games in Beijing and China allows athletes and foreign visitors will use its CBDC that is only heating up the tension between the two economic Superpowers.

The Senators Cynthia Lummis, Marsha Blackburn, and Roger Wicker urged the entire US Olympic Committee to forbid the American sportsmen from using the digital yuan in the event of spying concerns. China’s Foreign Ministry stroke back to the verbal attack by telling the sportsmen to abide by the spirit and to stop making trouble with the digital yuan:

“We suggest they figure out what a digital currency really is. The US politicians should abide by the spirit stipulated in the Olympic Charter, stop making sports a political matter, and stop making troubles out of the digital currency in China.”