China’s CBDC, Digital Yuan Transactions Crossed the $14B Mark
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China’s central bank digital currency (CBDC), Digital Yuan has reached 100.04 billion yuan (~14 Billion) in transactions in its pilot phase. This makes the e-CNY, or digital yuan the most used CBDC globally.
According to a post on the Bank of China’s official WeChat page on October 10, the number of transactions performed in 15 provinces under the CBDC pilot framework had surpassed 360 million by the end of the summer. According to the report, more than 5.6 million merchant establishments currently accept digital yuan as legal money.
The financial regulator revealed its project development plans, which include the launch of cross-border payments between Hong Kong and mainland China.