Digital Yuan is already celebrating over 4 million transactions

Digital Yuan is already celebrating over 4 million transactions

PBOC Governor reported on the progress of the digital yuan pilot program and published the first numbers.


2 Nov 2020 , 21:02 @ Katie Müller

Digital Yuan is already celebrating over 4 million transactions

PBOC Governor reported on the progress of the digital yuan pilot program and published the first numbers.
Beijing

Bloomberg was the first to publish statements today from the governor of the People’s Bank of China, Yi Gang. The PBOC governor was part of today’s Hong Kong Fintech conference and the first of all assured everyone that the pilot program attended by the four cities is running smoothly.

Yi Gang further reports that they currently already registered more than 4 million transactions worth a total of 2 billion yuan ($ 299 million) in the digital currency.

The governor also commented on other points, such as the fact that FinTech companies have several key advantages over commercial banks in terms of customer base development and risk management.

He also added that better access to financial services such as microloans or mobile payments in remote areas is now ensured by new technologies.

In conclusion, he did not forget to note that behind the growth of contactless banking is precisely the viral pandemic, which has brought challenges for all central banks, which must ensure security and comfort for their consumers.

At today’s conference on a virtual panel, Yi Gang is speaking with Agustin Carstens, head of the Bank for International Settlements, and Klaas Knot, president of the Dutch central bank.

Read also: DBS Bank Ltd, a Singaporean multinational banking and financial services corporation, is launching its own crypto exchange

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