The governor of the People’s Bank of China declared that the central bank digital currency (CBDC), the digital yuan has crossed 1.8 trillion yuan (around $249.33 billion) in transactions since its launch.
While various nations are rushing towards launching their CBDC, China appear to be leading the race.
Digital Yuan Crosses 950 Million Transactions
According to Reuters, the digital yuan, or e-CNY, has crossed 950 million transactions, from over 120 million within one and a half years of its launch. The 950 million transactions have transferred amounts worth nearly $250 billion.
Along with China, India is also pushing its CBDC. Here’s our comprehensive guide to India’s e-rupee.
The PBOC governor Yi Gang shared the figures at a Monetary Authority of Singapore (MAS) conference. He said:
“You can see that right now, the balance of e-CNY is only counting two-tenths of 1% of M0, so that the balance is very small, but with this kind of balance (we) support a big number of transactions, which means that the velocity is high and more efficient.”
Yi’s tenure is expected to end anytime soon, as the PBOC has appointed Pan Gongsheng as the party chief. Pan is also known for his harsh remarks on Bitcoin.
Use Cases
The CBDC is mainly used for domestic retail payments, but the country also explores other use cases. For example, Hong Kong wants to promote digital yuan for cross-border payments.
Moreover, to increase the adoption, the Chinese government is also pushing to pay wages to public sector employees in digital yuan. Apps like Alipay and WeChat have integrated the CBDC for faster payments.
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