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PBOC governor reveals that the digital yuan pilot tests have processed $300 million in transactions

PBOC governor reveals that the digital yuan pilot tests have processed $300 million in transactions

QuickTake

1 minute read

  • The digital currency project in China for the central bank, known as the digital yuan, has been gaining some momentum over the course of the past few months. 
  • More and more people within the industry have heard of the project and it will certainly be interesting to see where it all goes when it is launched.

The digital currency project in China for the central bank, known as the digital yuan, has been gaining some momentum over the course of the past few months. More and more people within the industry have heard of the project and it will certainly be interesting to see where it all goes when it is launched.

The governor of the central bank in China has given even more details in regards to the project of the central-bank digital currency this week. 

Governor of the People’s Bank of China, Yi Gang has said that the digital yuan project pilots have processed more than 4 million in transactions so far which has totalled in just under $300 million. The governor said this at the Hong Kong financial tech week conference earlier today on the 2nd of November.

According to the governor, the pilot tests for the project have been going well so far and have even been extended to 4 cities across the nation.

During the pandemic, digital and contactless payment methods have been growing in demand which has posed a big challenge for many central banks all over the world. The governor said that they are trying to juggle user security with convenience.

Interestingly, the governor went on to say that financial technology companies have some big advantages over commercial banks when it comes to building a consumer base and managing the risks that come with it.

It was in April this year when the People’s bank of China launched the initial pilot tests for the digital you one. It initially took place in the cities of Shenzhen, Chengdu, Suzhou and Xiongan. Last month, the bank officially announced that the wallets for the digital project had processed more than $162 million between April and August this year.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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