China’s CBDC Proceeded Transactions Worth Over $14 Billion

New accomplishment makes digital yuan the most adopted CBDC across the globe.

China’s Central Bank Digital Currency (CBDC), also known as digital yuan, has reportedly processed over 100.04 billion yuan ($14 billion) worth of transactions.

According to the People’s Bank of China, which shared its statement through a verified WeChat account, the sum represents transactions made until August 31st.

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While overviewing the statistics, China’s Central Bank highlighted that the transaction volume has increased by 21% since June. Moreover, the institution noted that transactions were made in 15 provinces. By the end of the summer, e-CNY was used for 360 million payments. 

The People’s Bank of China celebrated that around 5.6 million merchants added digital yuan as legal tender. On top of that, China’s Central Bank noted that e-CNY projects are expanding across various state institutions.

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.

This accomplishment makes China’s e-CNY the most adopted CBDC around the world.

The People’s Bank of China has launched its CBDC trials in April 2020. In two years, the country has been actively expanding e-CNY trials and pilots.

At the end of September, China announced its plans to expand CBDC trials in four provinces. The new expansion will bring testing of e-CNY to Guangdong, Jiangsu, Hebei, and Sichuan provinces, with a population of more than 360 million combined.

In other news, Russia is reportedly aiming to use it’s Central Bank Digital Currency (CBDC) for “mutual settlements with China.”

by Gile K. – Crypto Analyst, BitDegree

SOURCE: COIN JOURNAL