Central China Bank Governor Yi Gang: $250 Billion Transferred via Digital Yuan
Central China bank Governor Yi Gang says $250 billion has been transferred via digital Yuan since its pilot start 18 months ago.
Progress of China Bank Digital Currency (CBDC)
Conference held in Singapore on Shed July 19th light on the progress of center of the country bank digital Currency (CBDC), which saw transactions totaling 1.8 trillion yuan by the end of June.
Digital Yuan Adoption and Transactions
The digital Yuan subtraction began in January 2022. And it got a lot of interest, with Almost 120 million wallets have been used for Almost 950 million transactions. On average, each transaction is worth about $260.
Digital Yuan Adoption in China
Despite the huge volume of transactions, the digital adoption of the yuan remains relatively low compared to the huge ones in China population of 1.4 billion people. In the first place, it was used for domestic retail payments, although some trials have been done in Hong Kong.
To encourage cross-border applications of the digital bank yuan of China Hong Kong recently launched a trial for its customers in selected retail stores in the region. This is the third trial across borders for Center bank digital Currency (CBDC) in Hong Kong.
Bonuses and Payment Integration
Another notable experiment conducted by the Bank of China and Hong Kong included encourage customers to set up BOC e-CNY wallet to receive a bonus of $14 (100 yuan) for use In U Select chain of stores in Hong Kong. Chinese government He is also Pressure to pay wages to public sector employees using the digital yuan. Major payment platforms like Alipay and WeChat have integrated CBDC, providing faster and more convenient payment options.
According to reports, the total rotation of the digital yuan in the end of June amounted to $2.3 billion.
You must log in to post a comment.