China Central Bank Digital Currency (CBDC) Transaction Volume Reaches Over 14 Billion USD

China Central Bank Digital Currency (CBDC) Transaction Volume Reaches Over 14 Billion USD

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2022-10-21 18:54:42

The Central Bank of China Digital Currency (CBDC) also known as e-CNY has reached nearly 14 billion USD (100.04 billion Yuan) from 360 million transactions since being accepted as a medium widely paid in the country.

According to a report from the People’s Bank of China, as of August 31, about 15 provinces and cities have distributed digital renminbi (RMB) across 10 institutions in various fields such as healthcare and healthcare. health, education, culture and tourism.

The report also revealed that e-CNY, which meets the public’s demand for mobile payments and provides secure and innovative payments to visitors from outside China, brings in the Winter Olympics. 2022 and the Winter Olympics in Beijing.

Several e-government platforms have established Digital Renminbi Payment Services, which include both online and offline channels to process a variety of public utility payments. E-CNY can also be used to provide tax refunds, special funds for monthly health insurance payments, funds to help people in need, and “specific” business support funds. new and different”.

The advantages of e-CNY as a form of legal tender include reliability, interoperability and late development, which increases transaction transparency and smart fund management while reducing costs. payment and compliance fees.

China is accelerating its digital economy

Although the e-CNY has not grown exponentially since the People’s Bank of China reported that it traded more than 12 billion USD (87.565 billion yuan) in January, many forecasters expect that the number of Transactions will increase before the end of the year when the digital yuan pilot project goes live.

Recently, the Bank of China introduced the educational electronic yuan smart contract prepaid fund management product, expanding the pilot focus to school education, in cooperation with the Education Bureau and other institutions. financial office of Longquanyi District, Chengdu.

China has continued efforts to perfect the electronic yuan. The digital yuan app now allows users to use e-CNY to pay for public transportation on 10 bus lines.

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