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The currency has faced serious hurdles since 2025, when China kicked off the ambitious rollout of its central bank digital currency (CBDC), the country’s digital yuan. Millions of users in China now carry the e-CNY in their digital wallets, a digital version of China’s fiat currency, the renminbi, which is colloquially known as the digital The Digital Yuan is a digital currency issued by China’s central bank, the People’s Bank of China (PBOC). It is otherwise known as the Digital Currency Electronic China's digital yuan wallet is already one of the fastest-growing apps, by installs, in the mainland now right now. Launched on 4 January. China's digital yuan took the centre stage in the world's largest cross-border central bank digital currency (CBDC) trial to date, a report showed, pointing to how Beijing is It currently has 260 million users (Kumar, 2025), circulating RMB 13.61 billion (Wright, 2025). Adoption numbers are persistently low, and the e-CNY faces stiff competition from the well Digital renminbi (Chinese: 数字人民币; also abbreviated as digital RMB and e-CNY), [1] or Digital Currency Electronic Payment (DCEP, Chinese: 数字货币电子支付; pinyin: Shùzì huòbì diànzǐ China’s central bank digital currency is known as the digital yuan, e-CNY or e-RMB and despite the hype, it represents a minuscule portion of the money supply and has

China's Digital Yuan: Adoption Rising? Examining the 13.68 Billion Transaction Milestone

China's digital yuan, also known as the e-CNY or e-RMB, has reached a significant milestone, crossing 13.68 billion in transactions. But is this a sign of true adoption, or just a drop in the bucket? This article delves into the current state of China's central bank digital currency (CBDC) and explores the factors influencing its uptake.

What is the Digital Yuan (e-CNY)?

The Digital Yuan is a digital currency issued by China's central bank, the People's Bank of China (PBOC). It is also known as the Digital Currency Electronic Payment (DCEP) and represents a digital version of China's fiat currency, the renminbi. Colloquially, it's referred to as the digital yuan.

13.68 Billion in Transactions: A Closer Look

While the RMB 13.68 billion (approximately) in transactions seems substantial, it's crucial to put this figure into perspective. Despite the hype surrounding China's digital yuan, it represents a minuscule portion of the money supply. Data from 2025 indicates 260 million users (Kumar, 2025), circulating RMB 13.61 billion (Wright, 2025).

Challenges and Hurdles Faced by the Digital Yuan

The currency has faced serious hurdles since 2025, when China kicked off the ambitious rollout of its central bank digital currency (CBDC), the country’s digital yuan. Although millions of users in China now carry the e-CNY in their digital wallets, adoption numbers are persistently low. The e-CNY faces stiff competition from well-established mobile payment platforms.

Digital Yuan Wallet Growth

China's digital yuan wallet is one of the fastest-growing apps, by installs, in the mainland. Launched on 4 January, it shows the government's push to promote and increase its use.

Cross-Border CBDC Trial

China's digital yuan took the centre stage in the world's largest cross-border central bank digital currency (CBDC) trial to date, a report showed, pointing to how Beijing is exploring opportunities for international application. The digital renminbi (Chinese: 数字人民币; also abbreviated as digital RMB and e-CNY), [1] or Digital Currency Electronic Payment (DCEP, Chinese: 数字货币电子支付; pinyin: Shùzì huòbì diànzǐ zhīfù) is being tested in different cross-border scenarios.

Is Adoption Truly Rising?

While the 13.68 billion transaction milestone is a positive sign, widespread adoption of the digital yuan remains a challenge. Factors such as user habits, competition from existing payment systems, and regulatory concerns will continue to shape the future of China's digital currency.

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