310,000 Private Digital Yuan Wallets Opened in China’s Nanjing Since 2022 – Is the CBDC Taking Off?

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:55 EDT

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Citizens in Nanjing, China, have opened more than 310,000 personal digital yuan wallets – with other cities also posting similar statistics.

Per the Nanjing Daily (via JS News), private citizens in the city – the capital of Jiangsu Province – have opened “over 310,000 digital yuan personal wallets.” 

A further 22,000 firms and public organizations based in the city have opened corporate wallets compatible with the Chinese central bank digital currency (CBDC).

The city stated that around 730,000 transactions using the digital yuan had been conducted within city limits – for a combined total of over $14.5 million.

The city was added to the pilot almost exactly a year ago.

The Nanjing Branch of the central People’s Bank of China (PBoC) announced that it would join forces with the city’s financial authorities to “establish” a “relatively comprehensive” three-year digital yuan adoption program.

The bodies said that this program would “contribute to the development of Nanjing’s digital economy and its financial digital transformation.” addeding that the move would help “contribute” to efforts to turn Nanjing into an “important financial center.”

The city has also been helping create a nationwide road network with highway toll booths that accept digital yuan payments.

Chinese Cities Posting Landmark CBDC Adoption Stats

Further adoption landmarks were posted by the commerce hub of Yiwu.

Located in Zhejiang Province, Yiwu is known as the “world’s capital of small commodities.” Its producers have famously established trade relations with over 230 countries and regions around the world.

The city’s celebrated small commodities market explained that 90% of its vendors now accept digital yuan payments. 

Per Xinhua, via East Money, the market is collectively aiming to process around $1.5 billion worth of CBDC transactions before the end of 2023.

And Fuzhou, the capital of Fujian Province, explained – via the Fuzhou Daily – that 22.2 million digital yuan transactions have been conducted in the city to date.

The city claimed that cumulative CBDC transaction volume had hit the $15.4 billion mark – and accounted for over half of the city’s combined spending.

Late last month, the city of Huizhou launched a CBDC tax payment platform – with other cities also exploring similar solutions.