Flows from China’s central bank digital currency nearly doubled since an announcement made last month, reaching nearly $300 million.
Digital yuan transaction flows has now reached 2 billion ($299 million) – up from the 1.1 billion yuan announced last month – said People’s Bank of China (PBoC) governor Yi Gang.
«So far, the experiment and pilot program [has been going] fairly smoothly,» according to an «SCMP» report citing Yi.
High Average Transaction Size
The 2 billion in digital yuan were circulated through 4 million transactions across four Chinese cities: Shenzhen, Suzhou, Xiong’an and Chengdu.
Interestingly, the last announcement highlighted 3.13 million transactions totalling 1.1 billion yuan which represents around 52 yuan per transaction. This means the latest batch of data included the addition of 870,00 transactions with a total value of $900 million, or 1,034 yuan per transaction – a 20-fold increase.
Yi also noted that the pilot continues to discover new use cases, which now totals 12,000.
Next Phase
Although YI did not provide a timeline for a lunch, adding that more needed to be done on the legal and regulatory side, he reiterated the PBoC’s intentions to test and run pilots in the 2022 Winter Olympics.
«I would like to cooperate with the Bank of International Settlements, the Financial Stability Board and international central bankers to discuss a legal framework, [fostering] transparency and how to safeguard [the development] of central bank digital currencies,» he added.
