The governor of China’s central bank has said that at the end of June, transactions applying the nation’s central bank digital currency (CBDC) totaled 1.8 trillion yuan ($250 billion). The official of the People’s Bank of China (PBOC) added that there were 16.5 billion digital yuan in circulation.
The governor of China’s central bank has said rate hikes by Western nations have fuelled global financial instability.
He is not wrong.
— Gold Telegraph ⚡ (@GoldTelegraph_) April 15, 2023
Latest Digital Yuan Stats
At a lecture hosted by the Monetary Authority of Singapore (MAS), the central bank of Singapore, People’s Bank of China Governor Yi Gang on Wednesday provided the most recent data on China’s central bank digital currency (CBDC).
Shenzhen, China: 36m Digital Yuan Wallets Opened So Far – CBDC Pilot Gathers Pace
The Chinese city of Shenzhen says its residents have opened almost 36 million digital yuan wallets, as the nation’s central bank digital currency (CBDC) pilot breaks new ground. pic.twitter.com/P42uLeV82E
— ☀️CELESTE☀️ (@TIMETRA59797700) July 18, 2023
The head of China’s central bank announced that at the end of June, transactions using e-CNY, the country’s digital currency, had reached 1.8 trillion yuan ($250 billion). In August of last year, there were around 100 billion digital yuan transactions recorded.
Yi additionally said that the amount of digital money in use by China’s central bank at the end of June was 16.5 billion yuan. He added that 120 million new wallets were opened, bringing the total number of digital yuan transactions to 950 million.
Mo is kind-hearted even though he tries hard to hide it; additionally, he always wanted to have friends he could cherish and protect, so he clearly likes Jian Yi as a friend and vice versa. Let’s remember when he said with eyes full of tears to his father: I have friends 😭
— Saia.draws (@saia_draws) January 5, 2023
Yi was quoted by Reuters as saying: “Considering that the amount of e-CNY in circulation only represents 0.16% of China’s M0 money supply, or cash in circulation,”
Currently, the balance of e-CNY only accounts for two-tenths of one percent of M0, making it extremely little. However, with this kind of balance, we can support a large number of transactions, meaning that the speed is high and the efficiency is higher.
Massive amt of unfinished business up at $.95 currently but really all hangs in the balance at nPOC right here for $XRP – would be looking to fade a move back towards the $.9/$.95 area if we did get there and clear that imbalance out. pic.twitter.com/CP15JgF5kk
— Cignals.IO (@CignalsIo) July 18, 2023
The PBOC started testing the digital yuan in pilot programs at the end of 2019 and has since done so in a number of Chinese cities, including Suzhou, Shenzhen, Xiongan, and Chengdu. The city of Jinan began accepting digital yuan payments for transit fares in July. Digital yuan settlements are now also supported by the Shanghai Clearing House. In the meantime, the Bank of China expanded its testing of the digital yuan to include SIM cards and NFC transactions.