The cryptocurrency market is expanding at a fast pace. This is why more and more new cryptocurrency protocols are being launched in the sector. Also, the increasing demand from the consumers is paving the way for the success of new blockchain networks. However, countries like China are also developing interest in various cryptocurrencies. China has developed Digital Yuan – its own version of cryptocurrencies.
China has had a love-hate relationship with popular cryptocurrencies, like Bitcoin. It was the largest Bitcoin miner in the world. However, China imposed a ban on crypto mining and crypto service providers earlier this year. The move was initiated in a bid to propel the mainstream adoption of Digital Yuan. With the recent statistics, it is evident that Digital Yuan is gaining the hype among the Chinese digital asset community.
Digital Yuan gains momentum in latest trials
According to the latest reports, it is noted that Digital Yuan is now used to make payments for 2 million yuan in a day. This amount converts to a total of approximately $315,760. The latest pilot of Digital Yuan was run during the Beijing Winter Olympics. China’s attempt at developing its own digital currency is being closely watched and monitored.
During the Beijing Olympics, athletes, coaches, and media personnel from all over the world were able to utilize Digital Yuan. They used smartphone apps, wristbands, and physical payment cards for payments. The Director-General of PBOC’s Digital Currency Research Institute Mu Changchun said that “I have a rough idea that several, or a couple of million RMB (yuan) of payments every day, but I don’t have exact numbers yet.”
However, it is still not estimated how many payments were made by Chinese nationals and International attendees, respectively. However, clear trends and patterns have emerged in the payment sector. e-CNY payment cards and hardware wallets are also becoming a hit among domestic consumers.
Moreover, the Bank of China had established special ATMs at selected central values at games for teams and organizers. They could insert currency notes into them which would then be converted to e-CNY.
However, there were some concerns over cybersecurity and data protection over the use of e-CNY. The Public Bank of China (PBOC) oversees e-CNY. The bank claims that it critically prioritizes the protection of personal information. The bank officials claim that they only collect the minimum and necessary information of its users.
