China's digital currency, the e-CNY, has reached a milestone with 225 million personal wallets opened as of September, processing transactions worth 14.2 trillion yuan ($1.9 trillion) across 26 pilot regions. The People's Bank of China (PBOC) reports 3.32 billion transactions to date, positioning the digital RMB as a transformative force in Asia's largest economy.
From grocery purchases to tax payments, the currency now supports applications in retail, public services, and rural revitalization. Deputy PBOC Governor Lu Lei emphasized the system's role in advancing financial inclusion and optimizing payment efficiency, calling it 'a foundational reform for the digital economy era.'
Analysts note the expansion into 17 provinces signals China's strategic push to shape global digital currency standards. While initially focused on domestic use, the infrastructure could eventually streamline cross-border trade settlements – a development keenly watched by international investors and central banks.
