$9.7 billion transactions using china’s digital currency

In october, $9.7 billion in transactions were made using the “ecyn” digital yuan accounts. over 140 million people have opened wallets to receive the new digital yuan, according to official figures. the ecyn will be implemented nationwide at some point in the future, although no exact date has been established. according to some estimations, global enterprises might save up to $100 billion per year on cross-border payment transaction costs. china has taken aggressive attempts to market the ecyn, even as it cracks down on cryptocurrency exchanges and users. bitcoin transactions were halted in september following the repatriation of chinese cryptocurrency miners.

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