The volume of transactions with the digital yuan exceeded $14 billion

by in Cryptocurrency News


As of the end of summer 2022, the cumulative volume of e-CNY transactions reached 100.04 billion yuan (~$14 billion), according to the People's Bank of China.

For comparison, at the end of 2021, the figure was 87.57 billion yuan (~$13.68 billion), and 261 million unique digital wallets were registered.

During the reporting period, the number of completed transactions with CBDC in 15 provinces reached 360 million. e-CNY accepted 5.6 million merchants.

Some government agencies are also involved in the pilot project.

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“Multiple e-government service platforms have opened services for processing e-CNY receipts for utility bills, tax refunds, monthly health insurance payments, etc.,” the report said.

Recall that in September 2022, the media reported on the expansion of e-CNY testing to four provinces.

Former PBC governor Zhou Xiaochuan stated in April that the digital yuan is primarily meant for consumers and businesses, not to displace SWIFT or "weaponize the currency."

The former employee continued by saying that although e-CNY could one day be modified for cross-border payments, CBDC would continue to prioritize retail customers in the interim.

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In March, US Senator Pat Toomey spoke about the threat of the digital yuan to national security.

Deutsche Bank analysts also suggested that the use of e-CNY in foreign trade could undermine the dominance of the dollar.