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<p class="is-style-lead">China’s central bank governor Yi Gang says $250 billion were transferred via digital yuan since its pilot start 18 months ago.</p> 
<p>The <a href="https://www.youtube.com/watch?v=TooiuEG_wCk" target="_blank" rel="noopener noreferrer nofollow">conference </a>held in Singapore on July 19 shed light on the progress of the country’s central bank digital currency (CBDC), which has seen transactions totaling 1.8 trillion yuan by the end of June.</p> 
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   <p lang="en" dir="ltr">MAS is honoured to have Dr Yi Gang, President of China Society for Finance and Banking as the speaker for the MAS Lecture 2023. Dr Yi spoke on “CBDC from China’s perspective”.<br><br>Find out more here: <a href="https://t.co/UbikjgQhRn" target="_blank" rel="noopener noreferrer nofollow">https://t.co/UbikjgQhRn</a> <a href="https://t.co/UuQwOQe8n0" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/UuQwOQe8n0</a></p>— MAS (@MAS_sg) <a href="https://twitter.com/MAS_sg/status/1681597507716132864?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 19, 2023</a> 
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<p>The digital yuan’s rollout <a href="https://crypto.news/jinan-pioneers-chinese-cbdc-use-in-transportation-with-digital-yuan-bus-payments/" rel="noopener noreferrer nofollow">began</a> in January 2022. It has garnered significant interest, with approximately 120 million wallets used for roughly 950 million transactions. On average, each transaction amounts to about $260.</p> 
<p> You might also like: <a href="https://crypto.news/hong-kong-launches-pilot-cbdc-program/" rel="noopener noreferrer nofollow"> Hong Kong launches pilot CBDC program </a> </p> 
<p>Despite the enormous transaction volume, the digital yuan’s adoption remains relatively low compared to China’s massive population of 1.4 billion people. Primarily, it has been utilized for domestic retail payments, though a few trials have been conducted in Hong Kong.</p> 
<p>To encourage cross-border applications of the digital yuan, the Bank of China Hong Kong recently initiated a trial for its customers at select retail stores in the region. This marks the third cross-border trial for the central bank digital currency (CBDC) in Hong Kong.</p> 
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<p>Another notable trial conducted by the Bank of China Hong Kong involved encouraging customers to set up a BOC e-CNY wallet to receive a bonus of $14 (100 yuan) for use at the Hong Kong supermarket chain U Select.</p> 
<p>The Chinese government is also pushing to pay wages to public sector employees using the digital yuan. Major payment platforms like <a href="https://crypto.news/alipay-integrates-digital-yuan/" rel="noopener noreferrer nofollow">Alipay </a>and <a href="https://crypto.news/chinas-wechat-adds-support-for-digital-yuan-payments/" rel="noopener noreferrer nofollow">WeChat</a> have integrated the CBDC, offering faster and more convenient payment options.</p> 
<p>According to <a href="blank" rel="noopener noreferrer nofollow">reports</a>, the total circulation of the digital yuan by the end of June amounted to $2.3 billion.</p> 
<p> Read more: <a href="https://crypto.news/china-central-bank-queries-smart-contracts-functionality-in-cbdcs/" rel="noopener noreferrer nofollow"> China Central Bank Queries Smart Contracts Functionality in CBDCs </a> </p>

China’s digital yuan hits $250 billion in transactions

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