Transactions In Chinese Virtual Currency Crosses Past Hundred Billion Yuan

The People’s Bank of China recently mentioned that the number of transactions carried out using China’s CBDC had crossed the mark of hundred billion yuan (around fourteen billion dollars) as of 31st August, 2022. This is up from approximately eighty eight billion yuan at the end of last year. The central bank mentioned that three hundred and sixty million transactions were involved in the outlay.

The aforementioned information is divulged by the authorities in the world’s most populous nation. As they push on with the rollout of the virtual yuan 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.

While the majority of transactions using the central bank digital currency 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, as per the central bank.

It is also proposed to boost e-CNY international transaction volume. Recently, the Bank of International Settlements organized an initiative in which the People’s Bank of China, along with the monetary authorities of Hong Kong, the United Arab Emirates, and Thailand tested international settlements (BIS) with several central bank digital currencies.