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Digital Yuan Tops US$12B Transactions In 2022 So Far
China had more than 264 million yuan digital yuan transactions, with a total volume topping 83 billion yuan (about US$12.3 billion), as of May 31, People’s Bank of China (PBoC) official Zou Lan said at a press conference on Wednesday.
Muskaan T.
6:05 14th Jul, 2022
Markets

In 2021, digital yuan payments totaled 87.565 billion yuan (about US$13 billion).

There are now over 4.56 million stores accepting payments in the central bank digital currency (CBDC).

China’s CBDC, digital yuan or e-CNY, debuted in Shenzhen in a October 2020 pilot batch as trials expanded to 23 cities by April 2022.

China will continue to expand international cooperation in digital currency, Lan, the director of monetary policy at the central bank, added.

The PBoC is a member of the mBridge project, a cross-border CBDC payments collaboration between four central banks and the Bank for International Settlements.

»On Saturday, Hong Kong’s new Chief Executive John Lee pledged to advance the mBridge project.

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