So far, China’s digital currency has been used in 3 million transactions worth over one billion yuan

The digital currency of China’s central bank has been used in 3.13 million transactions worth about 1.1 billion yuan ($ 162 million) so far, the deputy governor of the People’s Bank of China reported. In addition, more than 122,000 digital wallets have been created.

“Positive progress” of the digital pilot in yuan

The People’s Bank of China (PBOC) has been actively testing its own central bank digital currency (CBDC). At Sibos, the global financial services networking event organized by SWIFT, PBOC Deputy Governor Fan Yifei updated the digital yuan test progress on Monday, the South China Morning Post reported.

Noting that the pilot program made “positive progress,” the deputy governor said 3.13 million transactions worth 1.1 billion yuan were processed using the digital currency, the publication said. Since the end of August, the digital currency has facilitated more than 6,700 use cases, ranging from bill payment and transportation to government services, Fan explained in detail that multiple payment methods have been used, including barcode. , facial recognition and tap-and-go transactions.

Fan also said that users have created more than 113,300 personal digital wallets and about 8,800 corporate digital wallets as part of the pilot program. In addition, the deputy governor explained that the Shenzhen government has used the digital yuan to reward about 5,000 health and care workers dealing with Covid-19 cases.

The Chinese government previously explained that users in digital yuan trials, known as electronic digital currency payment (DC / EP), “can use the digital wallet to top up accounts, withdraw money, make payments and transfer money after signing up with their mobile number. “

Four major state-owned Chinese banks have initiated large-scale internal tests of the digital renminbi portfolio: China Construction Bank, Bank of China, Industrial and Commercial Bank of China and Agricultural Bank of China. China Construction Bank reportedly launched a renminbi digital wallet in its official app in August.

Trials of the digital yuan are also being conducted in major cities, including Beijing, Hong Kong and Macau. The PBOC-backed digital currency will also be tested at the 2022 Winter Olympics games in Beijing.

What do you think of the speed at which China is testing its digital currency? Let us know in the comments section below.

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