China’s pilot digital yuan hits 87.57 billion yuan

China’s digital yuan transactions hit nearly 87.57 billion yuan (13.78 billion U.S. dollars) at the end of 2021, as the country ramped up research and pilot use of the central bank’s digital currency.

A total of 261 million personal wallets for the digital yuan had been opened, and the number of pilot scenarios had exceeded 8.08 million, said Zou Lan, an official with the People’s Bank of China, at a press conference Tuesday.

He said the central bank would continue promoting research and development of the digital fiat currency, or the e-CNY, and further deepen the pilot use of e-CNY in retail services, government services, and other scenarios.

China’s efforts in developing its central bank digital currency started in 2014 when it first conducted relevant studies, followed by the bank’s moves to engage in research and development cooperation with commercial banks and internet companies in 2017.