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Digital Yuan Testers Spent USD 52 On Average Per Transaction

By Linas Kmieliauskas
Digital Yuan Testers Spent USD 52 On Average Per Transaction 101
Source: Adobe/S.Gvozd

This year, during a series of digital yuan pilot programs in China, testers reportedly spent CNY 351 (USD 52) on average per transaction, bringing the total value of pilot transactions to CNY 1.1bn (USD 162m).

According to Fan Yifei, Deputy Governor at the People‘s Bank of China (PBoC), 3.13m transactions were processed using the digital currency, the South China Morning Post reported, adding that 122,100 wallets were created. Almost 93% of them are personal wallets, while others belong to companies. According to these numbers, there were almost 26 transactions per wallet on average.

The pilot programs in major cities of China saw more than 6,700 use cases implemented as of late August for transactions ranging from bill payments and transport to government services, the report said, citing Fan. Digital yan is also being used for multiple payment methods, including bar code, facial recognition and tap-and-go transactions.

As reported, JD.com, a multi-billion dollar Chinese e-commerce platform, has also recently joined the digital yuan initiative. It becomes the largest company so far to admit that it is working with Beijing on its breathless drive to become the first major economy in the world to release a digital version of its fiat currency.

Meanwhile, the Deputy Governor also revealed that digital yuan was used to reward about 5,000 medical and health care workers involved in the treatment of COVID-19.

Also, previously the central bank claimed that “improved data feedback" from its digital yuan would "help enhance monetary policy transmission," boosting chances of a faster economic recovery from the coronavirus pandemic.

As reported, the PBoC confirmed that it is ready to take center-stage on a "new battlefield" of competition between sovereign nations based on digital fiats – and claims its own new token could help break "dollar dominance."
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Learn more:
China’s Digital Yuan to Defend State Monopoly on Money – Central Bank
China Set for Huge Expansion of Digital Currency Pilot
ECB Sends Another Confirmation of A ‘Global Currency War’
How CBDCs Might Change Our Daily Payments

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