Yuan

Billion

Coin

<ul class="news-points"> 
 <li>Transactions with China’s digital yuan hit almost $250 billion in June 2023.</li> 
 <li>Since August 2022, the amount of transactions has increased by 13%. </li> 
 <li>Although the number is high, it’s only 0.16% of China’s money supply.</li> 
</ul> 
Transactions using China’s digital currency hit almost $250 billion at the end of June. Dr. Yi Gang, President of China Society for Finance and Banking, spoke at a lecture organized by the Monetary Authority of Singapore (MAS) on 20 July about China’s digital currency advancement. 
China’s digital currency, otherwise known as e-CNY, is the world’s first digital currency to be issued by a <a href="https://coinedition.com/what-is-central-bank-digital-currency-cbdc/" target="_blank" rel="noopener noreferrer nofollow">central bank</a>. Dr. Gang <a href="https://www.reuters.com/markets/asia/chinas-digital-yuan-transactions-seeing-strong-momentum-says-cbank-gov-yi-2023-07-19/" target="_blank" rel="noopener noreferrer nofollow">said</a>, “Transactions using China’s digital yuan hit 1.8 trillion yuan ($249.33 billion) in June, marking a jump from over 100 billion yuan as of August last year.” 
<a href="https://coinedition.com/chinas-changsha-claims-over-300000-merchants-accepted-digital-yuan/" target="_blank" rel="noopener noreferrer nofollow">China’s digital currency competes</a> with Alipay and WeChat Pay, the most popular digital payment platforms in China. <a href="https://www.statista.com/chart/17409/most-popular-digital-payment-services-in-china/#:~:text=Data%20from%20the%20Statista%20Global,in%20the%20last%2012%20months" target="_blank" rel="noopener noreferrer nofollow">Around 9 in 10 Chinese online payment users</a> were using those platforms between 2021 and 2022. 
In a <a href="https://news.yahoo.com/why-chinas-digital-yuan-is-only-seeing-very-modest-usage-expert-205934597.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly9kaWdpY2hpbmEuc3RhbmZvcmQuZWR1Lw&amp;guce_referrer_sig=AQAAAIygSYGMtxDXXabjETjD1boHKiU0fBm9TogHqQIsDTOwqvQzoJx0jjY5yjSueL3nimtWN2wR6QinSsIt-AucDrc_3XQ-5c0oWQhBmYVXB97_xz45DMSboM3KFNcTwvQdXcr3jTTB3NEVkIgPXlvW4yYjlLnOwVl7Ab6LWEF5aJ1d" target="_blank" rel="noopener noreferrer nofollow">recent interview</a>, Eswar Prasad, an economics professor at Cornell University, noted that although the numbers sound impressive, “it’s still v… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/chinas-digital-yuan-e-cny-close-to-250-billion-milestone/">China’s Digital Yuan ‘e-CNY’ Close to $250 Billion Milestone</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

China’s Digital Yuan ‘e-CNY’ Close to $250 Billion Milestone

Coin Edition

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