China processed $ 162 million in digital yuan testing

The People's Bank of China processed transactions worth 1.1 billion yuan ($162 million) as part of testing the nationaldigital currency of China. The South China Morning Post writes about this with reference to the deputy chairman of the department, Fang Yifei. He made the corresponding statement at the Sibos 2020 conference held by the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

Fan announced that as of the end of Augustthe digital yuan was used for a total of 3.13 million transactions. Such a detailed official statement regarding the testing of digital currency in the Central Bank of China was made for the first time.

The official also confirmed that the testsare held in major cities including Shenzhen and Xiong'an. He assesses the current progress as “positive”. In addition, the digital yuan will be used at the 2022 Beijing Winter Olympics, he said.

The digital yuan has already been tested in over 6700 scenarios, including paying bills, transportation and government services, Fan says. The authorities also issued "red envelopes" to reward 5,000 medical workers who participated in the fight against the coronavirus pandemic. Presumably, they can be used for calculations at certain points in Luohu.

"The People's Bank of China views the digital yuan as an important financial infrastructure for the future."Fan said, adding that over 113,300 personal digital wallets and 8,800 corporate wallets have already been registered.

Recently it became known that the online retailer JD.com could be involved in the development of infrastructure for the digital yuan.

</p>

Rate this publication