The digital yuan is gaining traction in China with the number of wallets growing exponentially to 261 million. Reports say the use of the digital yuan central bank digital currency (CBDC) increased by 1,800% in the last year, especially during the recent 618 festival , which is similar to Black Friday. The People’s Bank of China said that transaction volumes using the digital yuan reached $13 billion by the end of 2021. China has been ramping up its efforts to promote the use of the digital yuan using several lotteries to expand usage and test the currency. The country has…