China’s current digital Yuan trial has reached a transaction value of $5.3bn so far.
In Brief:
More than 20.8mn individuals have a virtual wallet for the digital currency.
So far, about 70.7mn transactions have been made.
The People’s Bank of China has released a white paper on the progress of what’s currently the world’s biggest central bank digital currency trial.
What does this mean?
It’s clear a huge amount of progress has been made by China on a digital currency backed by the state – an idea the UK and many other countries are looking into – but it’s still unclear if and when this will become a reality, with no timetable for the official rollout as of yet.
