PBOC report points to ongoing adoption of digital yuan

The People's Bank of China (PBOC) released a report stating that as of July 31, there were 180 million individual wallets related to the country’s central bank digital currency (CBDC), the digital yuan, indicating that the adoption of the currency has increased significantly, CryptoSlate has reported. The CBDC transaction volume in pilot areas exceeded 7.3 trillion yuan. Mu Changchun, director of the PBOC Digital Currency Research Institute, said that the digital yuan plays an important role in improving China's status as a financial powerhouse.