In the world’s second-biggest economy, China has seen its digital yuan witness nearly $250 billion in transactions since its pilot launch 1.5 years ago, as stated by the People’s Bank of China governor Yi Gang.
Yi Gang spoke at a conference in Singapore “The total amount of a translation volume reach 1.8 trillion and total translation comes reached 950 million and we have more than 120 million wallets opened for the easy.”
However, the digital yuan only accounts for 0.16% of China’s monetary supply. The adoption rate remains low compared to the country’s large population, with most usage for domestic retail payments and a few trials in Hong Kong.
Despite the significant transaction volume, it still lags behind major public blockchains like Bitcoin, which processed $8.2 trillion in 2022. The Chinese central bank continues to explore ways to expand the use cases and cross-border applications of the digital yuan.
Also Read: How the Digital Yuan Could Transform the Sharing Economy
