Uptake of China’s digital yuan has been disappointing, a former head of research at the People’s Bank of China said. 

Xie Ping, now a finance professor, was speaking at a digital finance conference organised by Tsinghua University. 

Central bank digital currency (CBDC) use has been “low, highly inactive”, Xie said, according to a report by Chinese financial news outlet Caixin. “The results are not ideal.”

Cumulative digital yuan transactions only crossed $14 billion (100 billion yuan) in