China digital currency transaction volume soars to US$14B

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China’s central bank digital currency (CBDC) has reached 100 billion yuan (US$13.9 billion) in transactions as of Aug. 31, 2022, the People’s Bank of China said via a verified WeChat account.

See related article: Digital yuan tops US$12B transactions in 2022 so far 

Fast facts

  • The transaction volume soared 20.9% in two months since June.
  • The number of transactions topped 360 million, a rise of 36.3% since June. The average amount of each transfer was 277 yuan (US$38.57), as calculated by Forkast.
  • Some 5.6 million shops accept digital yuan payments, the PBoC said, a jump of 22% since June.
  • China’s CBDC, also called the digital yuan or e-CNY, is now piloted in 23 cities in mainland China. It aims to expand the availability of the new e-currency to four more provinces in 2022 as part of its soft launch.
  • In addition to medical care, transportation, and retail payments, the digital yuan has started testing in taxation, land selling and loans.

See related article: China to speed up, expand digital yuan smart contracts, PBOC official says 

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