A former Chinese central bank official said public take-up of the country's digital yuan has not met expectations, noting 'usage has been low' and 'highly inactive.'
in October, two years after launch. “The results are not ideal,” he said, adding that “usage has been low, highly inactive.”
This compares to around 903.6 million people that utilize mobile payments in China, according to a 2021 China UnionPay report. He compared the digital yuan to other third-party payment systems in the country such as WeChat Pay, Alipay, and QQ Wallet, which allow for investments, lending or loans. He said they “have formed a payment market structure that has met needs for daily consumption.”
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