China’s Digital Yuan Sees $250 Billion in Transactions Since Pilot Launch

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The People’s Bank of China (PBOC) has revealed that transactions totaling almost $250bn have taken place using its Digital Yuan pilot program since its launch in January last year. PBOC Governor, Yi Gang, stated that as of the end of June, the central bank digital currency had transacted 1.8tn yuan and that it has had around 950 million transactions to date from approximately 120 million wallets, leading to an average transaction amount of about $260. Although it is still early days for the digital yuan, which has only been minimally adopted for retail payments in the country thus far, it marks an over 70% increase from the number cited in August 2020.