Digital Yuan Close to Surpassing $250B in Transactions

According to reports, the Chinese central bank governor stated that approximately $250 billion in transactions were carried out utilizing China’s digital yuan. Notably, it has only been one and a half years since the nation’s CBDC was created.

PBoC Processed CNY 1.8 Trillion

According to Yi Gang, the governor of the People’s Bank of China, the central bank digital currency processed 1.8 trillion yuan as of the conclusion of the month June. On July 19, he shared these estimations in a conference in Singapore. 

950 Million Transactions Using Digital Yuan

Yi said that since the digital yuan’s initial January 2022 launch, there have been over 950 million transactions from approximately 120 million wallets, resulting in an average transaction amount of approximately $260.

According to a Reuters report on July 19, he said that roughly $2.3 billion, or 16.5 billion digital yuan, had been in circulation at the end of June, representing barely 0.16% of China’s monetary supply. 

Digital Yuan Currently Limited to China

With the exception of just a few trials in Hong Kong, the acceptance of the digital currency yuan is still extremely limited compared to China’s 1.4 billion people.

Furthermore, the South China Morning Post stated that the Bank of China Hong Kong has begun testing another cross-border payment mechanism for Bank of China customers at certain Hong Kong retail stores. According to the SCMP, the trial was established in an effort to boost overseas digital yuan programmes, and the project is the CBDC’s third cross-border trial in Hong Kong.

China to Adopt Web3

In the month of May, Beijing, the Chinese capital city, presented a Whitepaper concentrating on the growth of industries. The country’s adoption of Web3 intends to take advantage of the benefits of blockchain technology while guaranteeing responsible development and conformity to laws and regulations. As reported by TheCoinRise, the country has officially established the National Blockchain Technology Innovation Centre in its capital city.