The official app of China’s fledgling digital currency, e-CNY, reached 261 million unique users by the end of 2021, nearly double the number in October, reports the South China Morning Post. The app is still being trialed and will be properly released in app stores later this month.
The digital yuan, officially known as the Digital Currency Electronic Payment, was also being accepted by more than 8 million merchants by the end of December, and had been used in transactions totaling RMB 87.6 billion ($13.8 billion), Zou Lan, head of financial markets at the People’s Bank of China (PBOC), said at a press conference on Tuesday.
The rapid growth of e-CNY is part of the central bank’s aggressive push to boost adoption of the country’s central bank digital currency, which is being trialed in at least 11 cities. In October, the app had just 140 million individual digital yuan accounts and 10 million corporate accounts, Mu Changchun, head of the PBOC’s Digital Currency Research Institute, the unit in charge of the digital yuan, said in November.