Digital RMB application expanding in China
China has expanded its pilot areas for digital RMB or e-CNY in 15 provinces so far this year, the People's Daily reported recently.
As of May 31, these pilot areas had made a total of around 264 million digital yuan transactions with a value of about 83 billion yuan ($12.31 billion). Business entities that open e-CNY service have reached 4.57 million in the country.
Now, e-CNY has been available for people in many scenarios both online and offline such as purchasing electricity, shopping and services including medical care and taxpaying.
Digital RMB has the characteristics of lower cost, higher payment efficiency, and wider application scenarios, said Dong Ximiao, chief researcher at Merchants Union Consumer Finance.
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