The transaction volume of China’s central bank digital currency (CBDC), the digital yuan (also known as e-CNY), during the Lunar New Year holiday saw a significant increase compared to the previous year.
According to state-backed media outlets, JD.com, one of the largest e-commerce platforms in China, saw 12 times more transactions in digital yuan compared to last year’s amount, with total transactions reaching 1.5 billion yuan (US$220 million).
Another platform, Meituan, saw a five-fold increase in digital yuan transactions. The majority of digital yuan transactions came from piloting cities such as Guangzhou, Shenzhen, Beijing, Suzhou, Chengdu and Shanghai.
The digital yuan wallet can now be used for payments at over 90 internet platforms and is being piloted in 26 cities and provinces in China.