China Processed Over $160 Million for the Digital Yuan Trials

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The People’s Bank of China (PBoC) has reportedly processed more than three million transactions – amounting to over 1.1 billion yuan ($162 million) with its Digital Currency, Electronic Payment (DCEP) project trials. Notably, the DCEP is China’s pilot program for its very own central bank digital currency (CBDC), which is prospected to launch alongside the fast approaching Beijing Winter Olympics this 2022.

The Deputy Governor of the PBoC, Fan Yi Fei, commented about this development on the “Sibos 2020” virtual conference held this last Monday. As per Yi Fei, a collective amount of over 8,859 corporate digital wallets and 113,300 personal digital wallets have already been registered up until the start of this last September.

This further reinforces China’s enhanced efforts to get ahead of the CBDC global race. On top of committing large amounts of resources and money towards the digital yuan development, the country’s central bank has also purportedly researched more than 6,700 different use cases for CBDCs. This includes catering services, shopping, transportation, bill payments, and even governmental services.

China might have been the catalyst for the sudden boom in bitcoin addresses

Latest data reports seemingly show that China’s enhanced interest with bitcoin plays a significant role in the sudden spike of new BTC addresses being created. According to Cole Garner, a prominent analyst and market cyclist, BTC addresses records a new two-year high this last week.

Using the aggregated data provided by the widely-renowned monitoring platform, Glassnode, Garner states that more than 22,000 new BTC addresses were registered within only one day last week. This is more than a 100% increase in the regular daily registered BTC addresses, which typically falls between 5,000 and 10,000.

Garner notes that the elevated number of new BTC addresses plays a crucial role in indicating a crypto’s market price. The higher the volume of BTC addresses, the higher the crypto’s price will be.

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