According to a top official at the People's Bank of China, China has expanded the number of individuals with digital yuan accounts to 140 million, with 10 million business accounts created.
In trials pushed out in approximately a dozen places, transactions in e-CNY, as the currency is known, hit 62 billion yuan ($9.7 billion), according to Mu Changchun, chairman of the PBoC's Digital Currency Institute, who spoke at the Hong Kong Fintech Week conference on Wednesday. The total amount of transactions was 150 million.
Mu Changchun explained that customers can open four types of e-wallets with digital yuan operators. The least privileged requires only a phone number and so remains anonymous even to the PBoC. This form of e-wallet holder's daily transaction amounts would be capped at 5,000 yuan, with an annual cap of 50,000 yuan.
The most privileged e-wallet would have to be opened at a bank counter with personal identification, and there would be no transaction limit.
He emphasised that these e-wallets would collect less transaction data than standard digital payment services. Unless required by law, the PBoC would not disclose the information to any third party or other government agencies.
The central bank said that by the end of June, China had more than 24 million individual and company users using e-CNY wallets, with transactions totalling over 34.5 billion yuan.