Digital Assets: Cumulative Transactions In The Digital Yuan (e-CNY) Exceed 100.04B Yuan ($13.9B)

October 14, 2022 | Digital Assets, News
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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)

Digital Yuan Pilot Statistics

June 21

Oct 21

Dec 21

May 22

Aug 22

Personal wallets

20.87m

140m

261m

n/a

n/a

Corporate wallets

3.51m

10m

n/a

n/a

n/a

Transaction numbers

70.75m

150m

n/a

264m

360m

Transaction value

RMB 34.5

RMB 62 bn

RMB 87.6 bn

RMB 83 bn

RMB 100.04 bn ($13.9bn)

Average transaction value

RMB 488

RMB 413

n/a

RMB 314

RMB 278

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

Image credit: Flickr

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