The pilot phase of China’s central bank digital currency (CBDC) experiment has seen transactions total 100.04 billion yuan, or almost $14 billion, as reported by Cointelegraph. This makes the electronic Chinese yuan, or e-CNY, the frequently used CBDC globally.
According to Cointelegraph, by the end of the summer, 360 million transactions had been completed in 15 provinces under the CBDC pilot programme, according to information posted on the Bank of China’s official WeChat page on October 10. The report claims that more than 5.6 million merchant outlets already accept the digital yuan as legal money.
“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,” noted Bank of China.
The financial regulator revealed its plans for the project’s advancement, including starting cross-border payments between Hong Kong and the People’s Republic of China, actively investigating the multilateral cross-border option in partnership with the Bank for International Settlement, and adhering to the principle of “anonymity for small amounts and traceability for large amounts” to safeguard users’ personal data.
It’s interesting to note that the Bank of China reported approximately $13 billion (87.5 billion yuan) in transactions by January 2022; the most recent update may indicate that the total value of new transactions in the previous seven months was under $1 billion, Cointelegraph further stated.
(With insights from Cointelegraph)
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