The head of the People’s Bank of China’s (PBOC) Digital Currency Research Institute has pointed to ongoing challenges in relation to the deployment of the digital renminbi as its usage under nationwide pilot schemes rapidly expands.
Speaking at Hong Kong Fintech Week 2021, Mu Changchun (穆长春) said that as of 22 October 2021 China had seen the opening of 140 million personal digital renminbi wallets and 10 million enterprise wallets, processing a total of 150 million transactions for a transaction sum of nearly 62 billion yuan.
At present a total of 1.55 million businesses support digital renminbi wallets, for areas including food and beverage payments, transit and transportation and government services.
Mu said that prior to the full official launch of the digital renminbi three major challenges must be resolved including:
- Strengthening the development of the acceptance environment.
- Improvements to risk management mechanisms.
- Improvements to the digital currency regulatory framework.