Beijing is the clear leader in the global race to roll out a Central Bank Digital Currency.

In statistics unveiled by the People’s Bank of China, the country’s CBDC, known as e-CNY, has amassed a cumulative value of 100 billion yuan ($13.9 billion) as of Aug. 31, 2022. Given the number of transactions during the period was 360 million, the average value of a transaction was 278 yuan. (Ledger Insights)

e-CNY rollout

The 360 million transactions involved spending in pilot areas in 15 provinces and municipalities. More than 5.6 million merchants could now accept payments with the digital currency.

These transactions have so far mainly encompassed domestic retail payments; however, they are likely to be extended for use in corporate and personal business, as well as in finance, taxation, and government affairs.

Also on the anvil are plans to hitch the e-CNY system to the country’s mainline system of digital payments run by the country’s e-commerce giants such as Alipay and WeChat Pay.

On cross-border transactions, the PBoC is participating in the MBridge Project, an initiative floated by the Bank of International Settlements Innovation Hub and involving 20 banks.

Related Story: Mastercard Creates Platform For Simulating a CBDC Ecosystem

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