Bank AI

Yuan

Million

Trillion

According to reports, the Chinese central bank governor <a href="https://www.youtube.com/watch?v=TooiuEG_wCk" rel="noopener noreferrer nofollow">stated</a> that approximately $250 billion in transactions were carried out utilizing China’s digital yuan. Notably, it has only been one and a half years since the nation’s CBDC was created. 
<h2 id="span-style-font-weight-400-pboc-processed-cny-1-8-trillion-span">PBoC Processed CNY 1.8 Trillion</h2> 
According to Yi Gang, the governor of the People’s Bank of China, the central bank digital currency processed 1.8 trillion yuan as of the conclusion of the month June. On July 19, he shared these estimations in a <a href="https://twitter.com/MAS_sg/status/1681597507716132864?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1681597507716132864%7Ctwgr%5E299b5cc69fe8a75e164d86ffaa79a15d99d0cfbd%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fchina-cbdc-transaction-volume-nears-two-trillion-yuan" rel="noopener noreferrer nofollow">conference</a> in Singapore.&nbsp; 
<h3 id="span-style-font-weight-400-950-million-transactions-using-digital-yuan-span">950 Million Transactions Using Digital Yuan</h3> 
Yi said that since the digital yuan’s initial January 2022 <a href="https://twitter.com/BlockBeatsAsia/status/1478213772288622595?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1478213772288622595%7Ctwgr%5E299b5cc69fe8a75e164d86ffaa79a15d99d0cfbd%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fchina-cbdc-transaction-volume-nears-two-trillion-yuan" rel="noopener noreferrer nofollow">launch</a>, there have been over 950 million transactions from approximately 120 million wallets, resulting in an average transaction amount of approximately $260. 
According to a <a href="https://www.reuters.com/markets/asia/chinas-digital-yuan-transactions-seeing-strong-momentum-says-cbank-gov-yi-2023-07-19/" rel="noopener noreferrer nofollow">Reuters</a> report on July 19, he said that roughly $2.3 billion, or 16.5 billion digital yuan, had been in circulation at the end of June, representing barely 0.16% of China’s monetary supply.&nbsp; 
<h2 id="span-style-font-weight-400-digital-yuan-currently-limited-to-china-span">Digital Yuan Currently Limited to China</h2> 
With the exception of just a few trials in Hong Kong, the acceptance of the digital currency yuan is still extremely limited compared to China’s 1.4 billion people. 
Furthermore, the South China Morning <a href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers?module=perpetual_scroll_0&amp;pgtype=article&amp;campaign=3228094" rel="noopener noreferrer nofollow">Post</a> stated that the Bank of China Hong Kong has begun testing another cross-border payment mechanism for Bank of China customers at certain Hong Kong retail stores. According to the SCMP, the trial was established in an effort to boost overseas digital yuan programmes, and the project is the CBDC’s third cross-border trial in Hong Kong. 
<h3 id="span-style-font-weight-400-china-to-adopt-web3-span">China to Adopt Web3</h3> 
In the month of May, Beijing, <a href="https://thecoinrise.com/china-publishes-web3-white-paper-to-promote-industrys-development/" rel="noopener noreferrer nofollow">the Chinese capital city, presented a Whitepaper</a> concentrating on the growth of industries. The country’s adoption of Web3 intends to take advantage of the benefits of blockchain technology while guaranteeing responsible development and conformity to laws and regulations. As reported by TheCoinRise, <a href="https://thecoinrise.com/chinas-new-blockchain-center-to-train-500k-specialists/" rel="noopener noreferrer nofollow">the country has officially established</a> the National Blockchain Technology Innovation Centre in its capital city. 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/digital-yuan-close-to-surpassing-250b-in-transactions/">Digital Yuan Close to Surpassing $250B in Transactions</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Digital Yuan Close to Surpassing $250B in Transactions

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