Multinational investment bank Goldman Sachs, in a report made public on Nov. 17, said that it expects China’s digital yuan CBDC to reach 1 billion users within 10 years.
- According to the report, the digital yuan would reach 1 billion users and account for 15% of total consumption payments in the following decade
- The success of the currency would result from “the separation of a bank account and the digital yuan wallet, offline payment and interconnectivity with various payment options”
- China is leading the CBDC race, having already run multiple pilots of the asset, including a $1.5 million airdrop to citizens of Luohu in Shenzhen; the digital yuan saw transactions worth $4 million take place in just a month
- The country now plans to test the CBDC in the capital of Beijing
- However, other nations, including France and Australia, have ramped up their CBDC research and development
- The European Central Bank (ECB) is also likely to launch a digital euro, and has asked the public for its views on a digital asset