News

China’s Digital Yuan Achieves Staggering $250 Billion Transaction Milestone

In a significant milestone for China’s digital financial landscape, the People’s Bank of China (PBOC) governor announced that the digital yuan, the nation’s central bank digital currency (CBDC), has surpassed a remarkable 1.8 trillion yuan (approximately $249.33 billion) in total transactions since its launch.

Digital Yuan Records Impressive 950 Million Transactions

As reported by Reuters, the digital yuan, also known as e-CNY, has impressively crossed an astonishing 950 million transactions, with over 120 million transactions taking place within just a year and a half of its initial release. These 950 million transactions account for an approximate monetary value of nearly $250 billion.

The PBOC governor, Yi Gang, disclosed these astonishing figures during a Monetary Authority of Singapore (MAS) conference. He highlighted the digital yuan’s noteworthy efficiency, stating:

“Currently, the balance of e-CNY represents only a minuscule portion of M0, accounting for merely two-tenths of 1%. Despite this modest balance, it supports a vast number of transactions, indicating a high velocity and enhanced efficiency.”

Impending Leadership Change and Bitcoin Stance

With such remarkable achievements in the digital currency landscape, Yi Gang’s tenure as PBOC governor is expected to conclude soon, as the bank has appointed Pan Gongsheng as the party chief. Pan, known for his critical stance on Bitcoin, will take the reins from Yi Gang to steer China’s digital financial endeavors further.

Diverse Use Cases Fueling Adoption

The primary use case for China’s CBDC remains focused on domestic retail payments, though the nation is actively exploring various other potential applications. One such endeavor involves Hong Kong’s interest in promoting the use of the digital yuan for cross-border payments, aiming to streamline international financial transactions.

To stimulate wider adoption, the Chinese government is also actively encouraging public sector employees to receive their wages in digital yuan. Notably, popular apps such as Alipay and WeChat have seamlessly integrated the CBDC into their platforms, enabling faster and more efficient payments for users.

China’s digital yuan’s remarkable achievement of $250 billion in transactions signifies a significant step forward in the global race toward embracing central bank digital currencies, showcasing China’s continued leadership and innovation in the digital financial landscape.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Arpita Mukherjee

Share
Published by
Arpita Mukherjee

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

3 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

3 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

3 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

4 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

5 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

5 months ago