China's Digital Yuan vs. Other CBDCs

 China’s Digital Yuan (e-CNY)

Scale & Deployment


Largest and most advanced CBDC pilot worldwide: By mid-2024, cumulative transaction volumes reached approximately 7 trillion yuan (roughly USD 986 billion) across 17 provinces and major cities 

FX Guys

Watcher Guru

. As of July 2024, total usage reached ¥7.3 trillion 

AP News

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Wallet adoption: Between 120 million to 180 million wallets have been opened 

Reuters

Forbes

Cointelegraph

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Integrated widely, including transit systems, government services, retail, and lotteries 

Foreign Policy Research Institute

CoinDesk

CoinJournal

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Features


Programmability: Some e-CNY distributes come pre-programmed for specific services like transit fees or bike rides 

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Offline functionality: e-CNY supports QR or NFC payments even without internet — akin to cash-like functionality 

Carnegie Endowment

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Heavy state oversight: Central bank issues the currency; commercial banks serve as distributors 

ledgerinsights.com

. Privacy concerns arise due to traceability 

Forbes

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International Expansion


Cross-border pilots: Participated in the BIS-backed mBridge project with Hong Kong, Thailand, UAE, and Saudi Arabia 

Reuters

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Forbes

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Foreign bank integrations: Standard Chartered, HSBC, Hang Seng Bank, and Fubon Bank now support e-CNY services for clients 

Forbes India

Cointelegraph

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Hong Kong pilot: Mainland and Hong Kong residents can use e-CNY wallets for retail and online purchases (though P2P transfers are currently disabled) 

Reuters

Cointelegraph

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Key Challenges


User engagement and acceptance: Surveys show low awareness; some pilots (e.g., Ningbo) saw only ~8,000 daily users in a city of 10 million 

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Reddit

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Behavioral limitations: Some state workers converted CBDC immediately into cash 

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International convertibility and reach: The yuan isn't fully convertible; global use remains limited 

AP News

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Other Major CBDC Initiatives

India – Digital Rupee (e₹)


Launched in late 2022: Retail pilot began December 2022, with prior wholesale testing 

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Scale: As of March 2025, ~₹10.16 billion (~USD 122 million) in circulation — a 334% increase YoY 

FX Guys

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Ongoing expansion: Testing offline payments, rural adoption, and integration with payment platforms 

FX Guys

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Brazil – Digital Real (Drex)


Pilot started in 2023: Initially focused on wholesale and tokenized deposits, with future plans for integrated retail usage 

FX Guys

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Japan – Digital Yen


Pilot launched in 2023: BOJ collaborating with private sector to explore design; no firm issuance decision yet 

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Driven by rising cashless adoption (42.8% in 2024) and need for modernized payment infrastructure 

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Fully Launched CBDCs


Bahamas – Sand Dollar


Nigeria – eNaira


Jamaica – Jam-Dex


Adoption rates: Sand Dollar ~25%, eNaira ~6%, Jam-Dex ~7% 

cointeeth.com

Cointelegraph

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Comparative Snapshot

Feature / Metric China (e-CNY) India (e₹) Brazil (Drex) Japan (Digital Yen) Launched CBDCs (e.g., Bahamas)

Implementation Scale Massive (7 trn yuan; 120–180 mn wallets) Moderate (~₹10bn) Early pilot Early design phase Fully launched, limited scale

Functionality Offline use, programmability Expanding features Wholesale → retail planning Framework being designed Standard retail use

International/ Cross-border Use Active participation (mBridge, HK pilots) Not yet Not yet Not yet Localized only

Adoption Challenges Low public traction, privacy concerns Scaling up TBD TBD Market-specific adoption levels

Summary


China leads by scale and ambition, with the e-CNY deeply embedded in domestic systems and actively pushing for cross-border utility.


India and Brazil are making steady but smaller strides in rollout and testing.


Japan is still in conceptual and pilot stages, motivated by domestic payment shifts.


Small economies like the Bahamas, Nigeria, and Jamaica have fully issued CBDCs, but adoption remains modest.


While China’s digital yuan stands out in breadth of deployment and strategic intent, it still faces hurdles in user acceptance, privacy perception, and global interoperability.

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