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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Payments
BIS, ECB, BoE develop synchronised cross-border FX transactions
BIS says Project Meridian FX reduces liquidity, credit and settlement risk
Danish krone becomes fully integrated into Target
National Bank of Denmark becomes first non-eurozone central bank to join Tips and T2 systems
SNB to launch support facility for instant payment system
Swiss central bank aims to promote instant payments with new secured loans from 2027
Brazil to introduce instalment function for Pix
BCB also plans to allow merchants to collateralise loans with future receivables on platform
RBNZ opens payment system to non-banks
Second phase will accept applications from payment service providers and overseas deposit-takers
ECB ‘assessing’ bilateral link to India’s UPI – Cipollone
Board member says US promotion of stablecoins presents real risks for EM central banks
BoT says payment systems still in operation following earthquake
Powerful quake hits Myanmar and Thailand as Bangkok’s stock exchange suspends trading
US banks create ‘new payment rail’ with tokenised deposits
Custodia and Vantage launch what they say is first tokenisation of a dollar demand deposit