China’s Digital Yuan Used for Nearly $1 Trillion of Transactions
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What’s new: A total of 7 trillion yuan ($982 billion) in transactions had been carried out using China’s digital yuan as of the end of June, Lu Lei, a deputy governor of the country’s central bank, told a Thursday media briefing.
The figure is nearly four times the 1.8 trillion yuan recorded by the end of June 2023, according to data from the People’s Bank of China (PBOC).
The background: The PBOC has been developing the central bank digital currency (CBDC) since 2014. A pilot program deploying the digital currency began in several locations in late 2019, and was later expanded to more regions, allowing its use for shopping, dining, as well as paying taxes and wages.
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- China’s digital yuan transactions reached 7 trillion yuan ($982 billion) by the end of June 2023, nearly four times the 1.8 trillion yuan recorded a year earlier.
- The PBOC has been developing the CBDC since 2014 and expanded its pilot program since late 2019, including usage in shopping, dining, and paying taxes and wages.
- In 2021, the PBOC joined the mBridge project for cross-border CBDC payments with several international central banks.
- late 2019：
- A pilot program deploying the digital currency began in several locations.
- 2021：
- The PBOC joined an international research project for cross-border payment using CBDCs, known as mBridge.
- By the end of June 2023：
- 1.8 trillion yuan in transactions had been carried out using China’s digital yuan.
- By the end of June 2024：
- 7 trillion yuan in transactions had been carried out using China’s digital yuan.
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