{"id":72137,"date":"2022-12-30T12:23:21","date_gmt":"2022-12-30T10:23:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72137"},"modified":"2025-09-08T13:08:25","modified_gmt":"2025-09-08T10:08:25","slug":"former-pboc-analyst-says-interest-in-the-digital-yuan-is-tepid","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/former-pboc-analyst-says-interest-in-the-digital-yuan-is-tepid\/","title":{"rendered":"Former PBOC analyst says interest in the digital yuan is tepid"},"content":{"rendered":"

The total volume of transactions in e-CNY<\/span> over two years amounted to just over 100 billion yuan ($14 billion<\/a>), which is “not ideal”. This conclusion was reached by the former director of research at the PBOC<\/span>, a finance professor at Tsinghua University, Se Ping, according to Caixin<\/a>.<\/p>\n

\n

\u201cThe use of [<\/em>CBDC<\/em><\/a>] was low, extremely inactive,\u201d<\/em> \u2014 said the official.<\/p>\n<\/blockquote>\n

In the system there were<\/a> 261 million unique digital wallets, despite improvements in their functionality and the expansion of pilot projects, he added.<\/p>\n

For comparison, on that date, 903.6 million people in China used mobile payments, according to a China UnionPay report.<\/p>\n

According to Se Ping, authorities should revisit the use cases for the e-CNY. In addition to the current cash replacement, it should, for instance, enable payments for financial products or connect to a broader set of payment platforms.<\/p>\n

The former official compared the CBDC with China\u2019s popular systems WeChat Pay, Alipay and QQ Wallet, which allow investments, lending, or loans. In his words, they “have formed the structure of the payments market that meets the everyday needs of citizens”.<\/p>\n

Some third-party financial apps are compatible with the e-CNY. The former analyst noted that people are accustomed to using the original service, and changing this pattern of behaviour is “difficult”.<\/p>\n

China has been testing the e-CNY for three years. The trials were conducted in Shenzhen, Suzhou, Xiong’an, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and the site of the Winter Olympic Games.<\/p>\n

In July 2021, Chengdu authorities, the capital of Sichuan, tested<\/a> the digital yuan with programmed use cases.<\/p>\n

In spring 2022, former head of the People\u2019s Bank of China Zhou Xiaochuan noted that the e-CNY is primarily intended for the population and merchants, not to replace SWIFT or \u201cturn currency into a weapon.\u201d<\/p>\n

The former official then added that for cross-border payments the digital yuan could be adapted in the future, but even then the CBDC would still be oriented toward retail users.<\/p>\n

Earlier, media reported<\/a> on the expansion of e-CNY testing to four provinces.<\/p>\n

In November, Shanghai authorities distributed<\/a> CBDC among 7 million residents through a red-envelope lottery.<\/p>\n

Read ForkLog’s bitcoin-news on our <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The total volume of transactions in e-CNY over two years amounted to just over CNY 100 billion ($14 billion), which is ‘not ideal’. This conclusion was reached by the former director of research at the PBOC, a finance professor at Tsinghua University, Se Ping, Caixin reports.<\/p>\n","protected":false},"author":1,"featured_media":72138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1138,1369],"class_list":["post-72137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-opinions","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72137"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72137\/revisions"}],"predecessor-version":[{"id":72139,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72137\/revisions\/72139"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72138"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}