Nearly $250 billion worth of transactions have been made using China's digital yuan in the year and a half since the start of its pilot program, the country's central bank governor has claimed.
On July 19, the Governor of the People's Bank of China, Yi Gang speak at a conference in Singapore and said its central bank's digital currency transacted 1.8 trillion yuan at the end of June.
Yi added that there have been about 950 million transactions from about 120 million wallets since the start of e-CNY. January 2022 release loans at an average transaction amount of around $260.
MAS is honored to have Dr. Yi Gang, Chairman of the China Society of Finance and Banking as a speaker at the MAS Lecture 2023. Dr. Yi spoke on "CBDC from China's Perspective."
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— MORE (@MAS_sg) July 19, 2023
He claimed that about $2.3 billion, or 16.5 billion e-CNY, was in circulation at the end of June, which only represents 0.16% of China's money supply, according to a report from Reuters of July 19. report.
Adoption of the digital yuan remains minimal relative to China's population of 1.4 billion, until now e-CNY has been used primarily for national retail payments apart from some trials in Hong Kong.
On July 18, the South China Morning Post (SCMP) reported Bank of China Hong Kong began testing another cross-border payment scheme for Bank of China customers at selected retail stores in Hong Kong.
The trial was carried out in a bid to further promote cross-border applications of e-CNY and is the third cross-border trial of the digital yuan in Hong Kong, according to the SCMP.
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In a test last year, BOCHK launched a program that encouraged customers to set up a BOC e-CNY wallet to receive $14 (100 yuan) to use at Hong Kong's U Select supermarket chain.
In January, the central bank integrated smart contract functionality in the digital yuan to expand their use cases.
The $250 billion in e-CNY transactions represent an increase of more than 70% from the figure quoted by the bank in August 2022.
However, the amount is still a long way from the amount of value processed by some of the largest public blockchains in the world.
bitcoin (BTC), for example, processed 8.2 trillion dollars in 2022, according to various reports.
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