Digital yuan transactions volume exceeds $14 billion

The national digital currency is already accepted in 5,6 million retail outlets

13.10.2022 - 09:45

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What’s new? The Bank of China reported that the volume of transactions with central bank digital currency (CBDC) exceeded the mark of 100,04 billion yuan (about $14 billion). According to this indicator, the digital yuan (e-CNY) is the world’s most adopted CBDC. The asset is currently undergoing the pilot phase and is accepted in more than 5,6 million retail outlets.

News on the Bank of China website

What other announcements have been made? According to the bank, the number of transactions in 15 provinces in China reached 360 million by the end of the summer of 2022. In addition, the pilot project has been successfully implemented on electronic government service platforms. In particular, e-CNY is used to pay for utilities and various social payments.

The authorities’ immediate plans include launching cross-border payments between Hong Kong and mainland China, as well as actively exploring cross-border payment opportunities in cooperation with the Bank for International Settlements (BIS).

On August 23, Chinese authorities launched the second phase of its CBDC testing. Among the innovations is the ability to pay for public transportation fares. Passengers can use this function by scanning a QR code, which will transfer them to the e-CNY application to confirm the transaction.

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