Digital yuan: China processed over $299M so far using CBDC in pilot

• PBOC governor has confirmed that the ongoing tests for the digital yuan have been running smoothly.
• So far, more than for million transaction have been conducted using the digital currency in pilot mode.

The Chinese long-planned central bank digital currency (CBDC) has been under pilot mode for a long time. The digital yuan is precisely being tested across four major provinces in the country, which includes Shenzhen, the Xiong’an New Area, Chengdu, and Suzhou. It’s safe to say that the tests have been running successfully as no failed cases were publicly reported. However, the launch date remains a subject for guessing.

Over four million transactions with digital yuan

Confirming the successful tests for the digital yuan, the People’s Bank of China (PBOC) executive Yi Gang disclosed that over four million transactions had been made so far using the digital currency. Yi Gang, who’s the governor of PBOC, made this known during a Fintech conference today in Hong Kong. In his words, the ongoing pilot program for the digital yuan ‘has been smooth” across the four cities.

Furthermore, the central bank governor noted that four million transactions made with the digital yuan accounted for more than two billion yuan in value (i.e., $299 million). Earlier in October, the PBOC’s deputy governor, Fan Yi Fei, had disclosed that they processed 3.13 million transactions at the time. These transactions made under the pilot program were worth 1.1 billion yuan (i.e., $162 million), as Cryptopolitan reported. 

Latest support for Chinese CBDC

Judging by the growing number of transactions in the pilot program, China may likely embrace the digital yuan when it finally launches. Additionally, the development today further confirms that the digital currency is technically ready for launching. However, it still remains unknown when the long-awaited digital currency will be released to the public. One can only predict that the launching is imminent following the recent announcements and support for the CBDC.

The Chinese smartphone maker Huawei is the latest big-name company supporting the central bank digital currency. A few days ago, Huawei announced that its latest flagship Mate 40 phones would launch with an in-built wallet for the digital yuan.