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.

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).

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.

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,”

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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.

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.


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