China’s CBDC spending surpasses 100 billion yuan

PBoC

Transactions using the digital yuan surpassed 100 billion yuan ($14 billion) as of August 31, the People’s Bank of China reported on October 12, up from around 88 billion yuan in 2021. 

More than 5.6 million merchants can now accept payments. Users in the 15 pilot areas, covering 23 cities, executed 360 million transactions, the PBoC said.

Local governments ran almost 30 coupon programmes promoting the use of the digital yuan this year, China Daily reported. Subsidies to promote the use of the

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