Home

Products

Institutions

Resources

Company

Language

Download

Amber Group logoAmber Group logo

Home

Products

Institutions

Resources

Company

Sign Up

Download

En

Home / Market News / 

The Digital Yuan Pilots Have Processed $300M So Far According to PBoC Offical

The Digital Yuan Pilots Have Processed $300M So Far According to PBoC Offical

C

COINTELEGRAPH | 2020/11/02

China’s digital yuan pilot program is picking up speed.

The governor of China’s central bank has given more details about the country's ongoing digital yuan pilot.

Yi Gang, governor of the People’s Bank of China, said that the digital yuan pilots have processed over four million transactions to date, totaling more than 2 billion yuan ($299 million). The official delivered his latest remarks at the Hong Kong Fintech Week conference on Nov. 2.

According to Yi, the pilots have been going smoothly so far, having rolled out for extended testing in four cities.

Growth in demand for digital and contactless payment methods amid the coronavirus pandemic have posed major challenges for central banks, as they try to juggle user security with convenience, Yi said.

The official noted that fintech companies have some key advantages over commercial banks in terms of building a customer base and managing risks.

The PBoC launched the first pilots for its forthcoming digital yuan in April 2020. The initial trial reportedly included four major cities: Shenzhen, Chengdu, Suzhou and Xiongan. The program was reportedly expanded to nine cities, including Guangzhou, Hong Kong and Macau.

In early October, the PBoC officially announced that the digital yuan wallets processed $162 million in transactions between April and August 2020.

Major tech companies have already begun preparing for the seemingly inevitable launch of the digital yuan. Huawei recently announced that its newest smartphone, Mate40, will feature a wallet for the currency and allow users to transact with it, even when they are offline.

 

Original title: China’s digital yuan pilots have processed $300M so far, says PBoC head

Disclaimer

The views expressed in this article are the author's own and do not necessarily reflect the view of Amber Group. Amber Group shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.

 

The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Amber Group assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.

This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at official.accounts@ambergroup.io

If you would like to connect with us about any of the distributed content or other inquiries, please email us at official.accounts@ambergroup.io with the relevant documentation.


View Original Article >

Most Popular
The New Mate 40 Is Equipped with Digital Currency Wallet
China’s digital yuan looks closer than ever to launch with the news that Huawei will be supporting the central bank digital currency (CBDC) on an upcoming range of phones.
The Digital Yuan Pilots Have Processed $300M So Far According to PBoC Offical
China’s digital yuan pilot program is picking up speed.
US Fed Is Broading Its Research on CBDC to Explore its “Intrinsic” Value Drivers
Fed economists are beginning their deep dive into CBDC research, hoping to identify the "intrinsic" value drivers of a digital dollar.