Digital Yuan Transactions Volume Surpasses Fourteen Billion USD Mark

The CBDC project of the Chinese government has crossed past the mark of fourteen Billion dollars, or over hundred billion yuan, of transactions done during its trial phase. It makes digital yuan, the e-CNY, the most widely embraced central bank digital currency in the world.

According to a past report of the Bank of China published on its official WeChat page on 10th October, by the end of the summer, the number of transactions made in fifteen provinces within the central bank digital currency pilot framework had touched three hundred and sixty million mark. As per the post, over five million merchant stores already support the digital yuan as a legal tender.

The trial is expanding among a couple of state institutions as well, covering a broad range of citizen payments.

As per the report,

“Multiple e-government service platforms have opened digital renminbi payment services, supporting online and offline channels to handle various public utility payments, using digital renminbi to issue tax rebate funds, special funds for monthly medical insurance payment, funds for helping people in need, and ‘specialized, special and new’ enterprise support funds, etc.”

Interestingly enough, the Bank of China reported around thirteen billion dollars (approximately eighty seven billion yuan) worth of transactions by the month of January 2022 — with the fresh update, it might signify that in the last 7 months, the overall amount of new transactions did not cross past 1 billion dollars.