China’s official app for digital yuan is seen on a mobile phone placed in front of an image of the Chinese flag, in this illustration. REUTERS/Florence Lo/Illustration

HONG KONG, Nov 3 (Reuters) – Some 140 million people had opened “wallets” for China’s new digital yuan as of October and used it for transactions totalling around 62 billion yuan ($9.7 billion), a senior Chinese central bank official said on Wednesday.

However, Mu Changchun, the director-general of the digital currency institute of the People’s Bank of China, told Hong Kong’s “Fintech Week” conference there was no official launch date for the digital currency, also known as the e-CNY.

Central banks around the world are looking at developing central bank digital currencies (CBDCs) to modernise their financial systems, ward off competition from cryptocurrencies like bitcoin and speed up domestic and international payments.

China’s efforts are among the most advanced…

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