Transactions in Chinese Digital Currency Exceed 100 Billion Yuan

• The central bank stated that 360 million transactions were involved in the outlay.
• 5.6 million businesses across 15 provinces and municipalities now accept digital Yuan.

The People’s Bank of China (PBOC) said on Wednesday that the number of transactions conducted using China’s central bank digital currency (CBDC) had surpassed 100 billion yuan (about $13.9 billion) as of August 31, 2022. This is up from around 88 billion yuan at the end of 2021. The central bank stated that 360 million transactions were involved in the outlay.

Authorities in the world’s most populous country have revealed the information. As they push on with the rollout of the digital yuan (e-CNY) and boost coverage of its trials. With the introduction of the CBDC, 5.6 million businesses across 15 provinces and municipalities now accept the digital form of the Chinese yuan.

Pushing For Wider Adoption

A total of about $30 million in digital yuan has been given in red envelope campaigns. Throughout the pilot locations this year, with the largest amount going to Shanghai in the spring. The People’s Bank of China (PBOC) highlighted the importance of these measures. Which seek to encourage demand, combat the negative impacts of the Covid-19 epidemic, and promote low-carbon mobility.

While the majority of transactions using the digital yuan have been for domestic and retail purchases, Beijing has plans to expand its usage to include corporate and financial transactions as well as taxes and government transactions, according to the central bank.

It is also planned to increase e-CNY international transaction volume. Recently, the Bank of International Settlements organized an initiative in which the People’s Bank of China, together with the monetary authorities of Hong Kong, Thailand, and the United Arab Emirates, tested international settlements (BIS) with numerous CBDCs.

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