China's e-CNY pilot has seen 10 million people participate

March 29, 2021 CV TECH INC

China’s e-CNY pilot has seen about 10 million people participate in the lottery and more than 500,000 people use the drawn offers, according to a report Monday by local media caijing.com.cn.


China’s e-CNY has run seven rounds of pilots in Shenzhen, Suzhou, Beijing, and Chengdu, distributing a total of RMB150 million ($22.88 million) in digital money.


As of early December last year, there were nearly 50,000 pilot scenarios for e-CNY, including restaurants, transportation, shopping, and government affairs, according to data released by the People’s Bank of China.


Many governments have mentioned the construction of e-CNY in this year’s work report, accelerating its launch process.


In addition to the previous four cities, Shanghai, Changsha, Hainan, Qingdao, Dalian, and Xi’an will soon conduct e-CNY pilots.


In Shanghai, a portion of vending machines, a hospital canteen, and a beverage store already support e-CNY.


E-CNY will coexist with paper money and mobile payment platforms, Mu Changchun, head of the People’s Bank of China’s Digital Currency Research Institution, previously said.


The controllability of “controlled anonymity” is reflected in the fact that e-CNY can combat crimes such as money laundering and tax evasion, Mu said.


China’s central bank official says e-CNY to coexist with Alipay and WeChat Pay



China's e-CNY pilot has seen 10 million people participate-CnTechPost


China's e-CNY pilot has seen 10 million people participate-CnTechPost