Yi Gang, the director of the People’s Bank of China (PBOC) told that more than 2 billion digital yuan has been spent in approximately 4 million separate activities. This is equivalent to just under $300 M.
China’s digital yuan is one of the world’s most popular digital assets. As early as 2014, China began working on a central bank digital currency when Xiaochuan Zhou, then governor of PBOC founded a Digital Currency Research Institute. Fast forward to this year, and China has even incorporated the society in digital currency operations, distributing 10 million worth of digital yuan to Shenzhen residents. Now, these initiatives are showing results.
Yi reportedly said that the 2 billion yuan has been spent in pilot initiatives taking place across four different Chinese cities, via 12,000 for compensation scenarios.
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China’s central bank digital currency follows a two-tier model, where the PBOC, China’s central bank, issues the digital yuan itself, but private businesses and financial organizations distribute the currency to clients.In a recent conference, Yi said that in his opinion cash and digital currency will coexist together.