China Has Processed 1.1 Billion Yuan Worth Of Transactions In Ongoing CBDC Pilot Tests

The People’s Bank of China (PBOC) has already carried out 1.1 billion worth of pilot transactions using its central bank digital currency (CBDC). An update on the digital currency was revealed by PBOC’s deputy governor Fan Yifei on the 5th of October.

While speaking during the Sibos banking and financial conference, Fan Yifei said the CBDC has been used to process 3.13 million transactions.  

Over the past few months, the CBDC has been undergoing several pilot tests. In his statement, the deputy governor confirmed that the pilot tests executed in Shenzhen and Xiongan have made “positive progress.” As Fan stated, the digital currency has been tested in 6,700 use cases in bill payments, government services, and transport.

In addition, the central bank executive said that the currency is currently being used for several payment methods. Specifically, Fan mentioned bar-code payments, facial recognition, and tap-and-go transactions. Notably, pilots will also be conducted for the digital yuan at the upcoming Winter Olympics in 2022.

Furthermore, Fan revealed that the Chinese government collaborated with the Shenzhen government to reward health workers who participated in the coronavirus treatments. The government used e-yuan red packets to reward 5,000 medical workers. The workers can use their rewarded e-yuan red packets at specific merchants in Luohu.

Also, Fan said over 11,300 personal digital wallets, as well as 8,800 corporate wallets, have already been opened for the ongoing pilot transactions. 

Image Credits: Pixabay