- Digital Yuan usage is growing massively
- China CBDC project still lead others
The governor of the People’s Bank of China, Yi Gang, has made a statement which shows that the country’s virtual currency, Digital Yuan, is experiencing an enormous amount of usage.
The governor in a statement he made to newsmen said that the virtual currency has been used in close to 4 million different transactions which is worth 2 billion Digital Yuan. This translates to over $250 million worth of transactions that has been undertaken using the CBDC project.
Yi went on to add that the currency is in use in 4 cities of the country. He also disclosed that the integration of the currency is still currently in its pilot scheme.
China’s Central Bank is the main issuer of the virtual currency. Private companies and commercial banks are, however, saddled with the responsibility of spreading this virtual currency to their customers and clients.
Yi in a recent conference had spoken about the possibility of digital currency and physical cash co-existing in an economy. He went on to note that the level of progress being made in the industry is quite commendable but also identifies that there is a need for a legal framework to complete the integration of the virtual currency into the economy properly.
China’s Digital Yuan miles ahead of others
China CBDC’s project, Digital Yuan, is ahead of other countries CBDC’s project.
China had begun working on its Digital Yuan since 2014 when the former governor of China’s central bank created a Digital Currency Research Institute. The country is massively reaping the rewards of the foresight as it has recently been able to carry out different experiments on the Digital Yuan currency.
Bahamas has also launched its virtual currency, the Sand Dollars. Other countries like Japan and Russia are also making steady progress on the creation of a virtual currency for their citizens.