According to People’s Bank of China governor Yi Gang, China’s digital yuan has seen nearly $250 billion worth of transactions in the one-and-a-half years since the start of its pilot. As of the end of June, the central bank digital currency had transacted 1.8 trillion yuan, with approximately 950 million transactions from around 120 million wallets. The average transaction amount was about $260.
At the end of June, there was around $2.3 billion (16.5 billion digital yuan) in circulation, representing only 0.16% of China’s monetary supply.
The adoption of the digital yuan is still relatively minimal compared to China’s large population of 1.4 billion. So far, it has mostly been used for domestic retail payments, with some trials in Hong Kong.
To further promote the cross-border applications of the digital yuan, the Bank of China Hong Kong has been trialing a cross-border payment scheme for Bank of China customers at select retail stores in Hong Kong. This is the third cross-border trial of the central bank digital currency in Hong Kong.
Despite the significant transaction volume, the $250 billion in digital yuan transactions is still considerably lower than the value processed by some of the largest public blockchains.
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