- Transactions with China’s digital yuan hit almost $250 billion in June 2023.
- Since August 2022, the amount of transactions has increased by 13%.
- Although the number is high, it’s only 0.16% of China’s money supply.
Transactions using China’s digital currency hit almost $250 billion at the end of June. Dr. Yi Gang, President of China Society for Finance and Banking, spoke at a lecture organized by the Monetary Authority of Singapore (MAS) on 20 July about China’s digital currency advancement.
China’s digital currency, otherwise known as e-CNY, is the world’s first digital currency to be issued by a central bank. Dr. Gang said, “Transactions using China’s digital yuan hit 1.8 trillion yuan ($249.33 billion) in June, marking a jump from over 100 billion yuan as of August last year.”
China’s digital currency competes with Alipay and WeChat Pay, the most popular digital payment platforms in China. Around 9 in 10 Chinese online payment users were using those platforms between 2021 and 2022.
In a recent interview, Eswar Prasad, an economics professor at Cornell University, noted that although the numbers sound impressive, “it’s still v…
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