Source:
https://scmp.com/business/banking-finance/article/3104281/peoples-bank-chinas-digital-currency-already-used-pilot
Business/ Banking & Finance

People’s Bank of China’s digital currency already used for pilot transactions worth 1.1 billion yuan

  • Central bank is developing its own e-yuan as it seeks to hasten the transformation of China’s economy
  • Digital currency being used for transactions ranging from bill payments to government services in pilot tests
Fan Yifei reports on the progress of China’s central bank digital currency. Photo: Simon Song

A sovereign digital currency being developed by the People‘s Bank of China (PBOC) has been used for more than 1.1 billion yuan (US$162 million) worth of transactions as part a series of ongoing pilot programmes, according to a deputy governor at the central bank.

Speaking at the Sibos banking and financial conference on Monday, Fan Yifei said 3.13 million transactions were processed using the currency, which has been undergoing tests for much of the past year in major cities, such as Shenzhen and Xiongan. Pilots also will be conducted at the coming Winter Olympics in 2022.