China will expand the use of national cryptocurrency

The Central Bank of China has announced plans to expand the use of the national cryptocurrency, which will become one of the bank’s key tasks in the second half of 2022.

Obviously, the Chinese government has paid attention to the popularity of the digital yuan among the population. Thus, according to the Central Bank, as of May 31, 2022, the Chinese made more than 264 million transactions in digital yuan, with a total volume of more than 83 billion yuan (approximately $ 12.3 billion). Recently, Zou Lan, Director of the Central Bank’s Monetary Policy Department, emphasized that China is ready to scale up the use of the digital yuan.

Interestingly, while China is expanding the use of CBDC, Japan has announced the abandonment of plans to create its own cryptocurrency. According to the Central Bank of Japan, cryptocurrencies are not a priority area for the development of the country’s domestic and foreign economy. According to a survey of Japanese citizens, the majority of the population is not interested in digital currency, as the Japanese already have access to a large number of cheap and efficient online banking services and digital payment tools.