The People’s Bank of China (PBOC) announced that 100 billion yuan has been exceeded in transactions using digital yuan.
China has so far completed tests for the digital yuan in 23 different cities. As a result of the latest statements and planning, studies are carried out in 4 different cities for the digital yuan. Data released by the People’s Bank of China reveal that the use of the digital yuan is on the rise.
Digital Yuan Usage in China Over 100 Million Yuan
In a statement made by the People’s Bank of China (PBOC), it was stated that transactions using digital yuan in China exceeded 100 billion yuan ($ 13.9 billion) as of August 31, and the country’s central bank continues to issue its digital currency.
The PBOC added that spending covers 360 million transactions in pilot regions in 15 provinces and municipalities, and that more than 5.6 million merchants can now accept payments in digital currency.
The bank said that the digital yuan has so far been predominantly used for local retail payments. He also added that it will be introduced for use in corporate and personal business, as well as in finance, taxation and government business.
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