China’s Digital Yuan Transaction Volume to Reach $250 Billion

Approximately 950 million transactions have been made from around 120 million wallets since the Digital Yuan was initiated.

China’s Digital Yuan Transaction Volume to Reach $250 Billion

People’s Bank of China governor Yi Gang confirmed that the transaction volume of China’s central bank digital currency (CBDC) Digital Yuan has reached $250 billion in the one and half years since the start of the pilot test.

On July 19, at a conference in Singapore, Yi claimed that the country's central bank digital currency transacted 1.8 trillion Yuan as of the end of June. Yi added that since the first launch of the Digital Yuan (e-CNY) in January 2022 there have been nearly 950 million transactions made from around 120 million wallets.

"And you can see that right now the balance of e-CNY is only counting two-tenths of 1% of M0, so that the balance is very small, but with this kind of balance (we) support a big number of transactions, which means that the velocity is high and more efficient," Yi Gang said.

According to the report Reuters, Yi also claimed that e-CNY in circulation reached around 16.5 billion yuan was accounted for only 0.16% of China’s monetary supply or cash in circulation.

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