Goldman Sachs Expects Digital Yuan to Reach 1B Users Within 10 Years

Goldman Sachs Expects Digital Yuan to Reach 1B Users Within 10 Years


The digital yuan, China’s planned national virtual currency, would account for 15% of total consumption payments in ten years, helping commercial banks gain more ground from fintech companies, according to a Nov. 17 Goldman Sachs report shared with CoinDesk.

The Digital Currency Electronic Payment (DC/EP) could be a more attractive alternative to existing digital payment services provided by fintech companies in a cashless environment, said the 81-page report. It cited anonymity enabled by the separation of a bank account and the digital yuan wallet, offline payment and interconnectivity with various payment options as contributing to the digital yuan’s success. 

“In ten years we expect DC/EP to reach 1 billion addressable users, 1.6 trillion rmb ($229 billion) in issuance, 19 trillion rmb ($2.7 trillion) in annual Total Payment Value (TPV) and account for 15% of total consumption payments,” the report said. 

 Goldman Sachs said consumption payments – meaning the transactions in which users make

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