Caixin
Oct 13, 2022 04:38 AM
FINANCE

Digital Yuan Transactions Top $13.9 Billion as Trials Expand

As of Aug. 31, 360 million transactions were made involving the digital yuan, also known as the e-CNY
As of Aug. 31, 360 million transactions were made involving the digital yuan, also known as the e-CNY

What’s new: Transactions using China’s experimental digital yuan topped 100 billion yuan ($13.9 billion) as of the end of August as trials of the virtual currency expanded to 15 provinces, data from the central bank showed.

Transaction value rose by 20% from the previous report in late May.

As of Aug. 31, 360 million transactions were made involving the digital yuan, also known as the e-CNY, up 36% from the end of May, according to a paper released by the central bank’s Digital Currency Institute Wednesday. More than 5.6 million merchants across China have come to accept the digital yuan, 23% more than three months ago, the paper showed.

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