19 July 2021

$53bn digital yuan transactions made in China 

Written By FinTech Alliance

$53bn digital yuan transactions made in China 

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. 

Read more here. 

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