Digital yuan transactions growing rapidly, PBoC says
But Yi Gang notes prototype CBDC currently takes up a very small share of cash in circulation
China’s digital yuan transactions reached 1.8 trillion yuan ($250 billion) by the end of June, the People’s Bank of China governor Yi Gang said.
This was 18 times greater than the figure of around 100 billion yuan recorded between the digital yuan’s launch and August 2022. If accurate, the figures mean people used the prototype central bank digital currency (CBDC) for transactions worth 1.7 trillion yuan in the 10 months to June.
The total number of e-CNY transactions had reached 950 million
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