Anaisomari
Thursday, February 9, 2023
Ledger - Crypto Beginners Pack
  • Crypto News
  • Bitcoin
  • Ethereum
  • NFT
  • DeFi
  • Blockchain
  • Metaverse
  • Altcoin
    • Tether
    • Solana
    • Binance Coin
    • Dogecoin
    • Polkadot
    • Terra
    • Cardano
    • Safemoon
    • Avalanche
    • Chainlink
    • Shiba Inu
    • Litecoin
    • Bitcoin Cash
  • Live Rates
  • Shop
No Result
View All Result
  • Crypto News
  • Bitcoin
  • Ethereum
  • NFT
  • DeFi
  • Blockchain
  • Metaverse
  • Altcoin
    • Tether
    • Solana
    • Binance Coin
    • Dogecoin
    • Polkadot
    • Terra
    • Cardano
    • Safemoon
    • Avalanche
    • Chainlink
    • Shiba Inu
    • Litecoin
    • Bitcoin Cash
  • Live Rates
  • Shop
No Result
View All Result
Anaisomari
No Result
View All Result

Chinese Digital Currency Transactions Exceed 100 Billion Yuan, Central Bank Says – Finance Bitcoin News

October 14, 2022
in Bitcoin
0

Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas.

People’s Bank of China Reports 360 Million Digital Currency Payments

Transactions with China’s central bank digital currency (CBDC) exceeded 100 billion yuan in value ($13.9 billion) as of Aug. 31, 2022, rising from almost 88 billion yuan by the end of 2021, the People’s Bank of China (PBOC) announced on Wednesday. The spending involved 360 million transactions, according to a Reuters report quoting the monetary policy regulator.

The data has been released as financial authorities in the world’s most populous nation proceed with the digital yuan (e-CNY) roll-out and constantly increase the coverage of its trials. The CBDC has been introduced in 15 provinces and municipalities, with 5.6 million merchants now accepting the digital version of the Chinese yuan.

Pilot areas have seen almost 30 rounds of e-CNY subsidies this year, often distributed in red envelope campaigns such as one in Shanghai this past spring when $4.5 million in digital yuan was dispersed. These initiatives aim to stimulate consumption, fight the negative effects of the Covid-19 pandemic, and promote low-carbon transport, the PBOC pointed out.

Although the digital yuan has so far been mostly used for domestic and retail payments, Beijing intends to introduce it to the corporate and financial sectors, taxation and government affairs as well, the central bank indicated. It also wants to connect its platform to traditional digital payment systems such as Alipay and Wechat Pay, and recently urged for widening of the array of use-case scenarios.

Expanding cross-border payments with the e-CNY is also in the plans. The People’s Bank of China recently participated in the testing of international settlements with several CBDCs, along with the monetary authorities of Hong Kong, Thailand, and the United Arab Emirates, a project coordinated by the Bank for International Settlements (BIS).

Steps have been taken to connect the digital yuan infrastructure to the local digital payment system of Hong Kong. China’s special administrative region is preparing to trial its own CBDC. The pilot phase of the digital Hong Kong dollar, called e-HKD, is expected to begin by the end of the year and it comes after public consultations on the matter.

Tags in this story
CBDC, Central Bank, China, chinese, Digital Currency, Digital Yuan, e-CNY, Merchants, Payments, PBOC, peoples bank, pilot, pilot areas, spending, Testing, transactions, trials

Do you think China will further accelerate the introduction of the digital yuan? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It



This news is republished from another source. You can check the original article here


Previous Post

Ethereum price eyes 35% rally after 6,000 ETH gets burned in one week

Next Post

Hong Kong Government to Announce Cryptocurrency Policy at FinTech Week – Marketscreener.com

Next Post

Hong Kong Government to Announce Cryptocurrency Policy at FinTech Week - Marketscreener.com


Name Price
bitcoin
Bitcoin (BTC)
$22,902.00
ethereum
Ethereum (ETH)
$1,646.81
USDEX
USDEX (USDEX)
$1.08
tether
Tether (USDT)
$1.00
binancecoin
BNB (BNB)
$326.37
usd-coin
USD Coin (USDC)
$1.00
ripple
XRP (XRP)
$0.397167
binance-usd
Binance USD (BUSD)
$1.00
cardano
Cardano (ADA)
$0.390994
dogecoin
Dogecoin (DOGE)
$0.089979


Crypto News

Payments Company Affirm Is Shutting Down Its Crypto Business – CoinDesk

February 8, 2023

Ethereum staking versus Bitcoin: Here's what you need to know – Proactive Investors UK

February 8, 2023

Cryptocurrency prices today: Rates of Bitcoin, Ethereum, Shiba Inu … – NewsBytes

February 8, 2023

Bitcoin

Bitcoin Nears the Vaunted 'Golden Cross' | Video – CoinDesk

February 8, 2023

No Result
View All Result

Pages

  • Latest Crypto News
  • Live Rates
  • Privacy Policy
  • Shop
  • Terms of Service

Tether

This February, Tether and VeChain Cryptos Are Looking To … – Deccan Herald

February 8, 2023

Solana

Brave Collaborates With Solana To Add Support For DApp On Mobile – Bitcoinist

February 8, 2023

Want To Be A Crypto Millionaire? Buy Snowfall Protocol (SNW), Solana (SOL), and PaxGold (PAXG) – Analytics Insight

February 8, 2023

Advertisement

  • Latest Crypto News
  • Shop
  • Privacy Policy
  • Terms of Service

© 2022 Anaisomari.com


No Result
View All Result
  • Crypto News
  • Bitcoin
  • Ethereum
  • NFT
  • DeFi
  • Blockchain
  • Metaverse
  • Altcoin
    • Tether
    • Solana
    • Binance Coin
    • Dogecoin
    • Polkadot
    • Terra
    • Cardano
    • Safemoon
    • Avalanche
    • Chainlink
    • Shiba Inu
    • Litecoin
    • Bitcoin Cash
  • Live Rates
  • Shop

© 2022 Anaisomari.com


  • bitcoinBitcoin(BTC)$22,902.00-1.62%
  • ethereumEthereum(ETH)$1,646.81-2.05%
  • USDEXUSDEX(USDEX)$1.080.27%
  • tetherTether(USDT)$1.00-0.06%
  • binancecoinBNB(BNB)$326.37-2.06%
  • usd-coinUSD Coin(USDC)$1.00-0.11%
  • rippleXRP(XRP)$0.397167-1.51%
  • binance-usdBinance USD(BUSD)$1.00-0.14%
  • cardanoCardano(ADA)$0.390994-2.00%
  • dogecoinDogecoin(DOGE)$0.089979-3.02%
  • matic-networkPolygon(MATIC)$1.280.30%
  • okbOKB(OKB)$44.77-2.21%
  • solanaSolana(SOL)$23.02-4.23%
  • staked-etherLido Staked Ether(STETH)$1,643.86-2.32%
  • polkadotPolkadot(DOT)$6.75-3.14%
  • shiba-inuShiba Inu(SHIB)$0.000014-6.18%
  • litecoinLitecoin(LTC)$98.44-2.63%
  • avalanche-2Avalanche(AVAX)$20.00-4.06%
  • tronTRON(TRX)$0.0667761.04%
  • uniswapUniswap(UNI)$6.79-3.43%
  • daiDai(DAI)$1.00-0.02%
  • cosmosCosmos Hub(ATOM)$15.04-0.51%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,905.00-1.55%
  • chainlinkChainlink(LINK)$7.18-0.74%
  • ToncoinToncoin(TON)$2.29-3.39%
  • ethereum-classicEthereum Classic(ETC)$22.57-2.60%
  • leo-tokenLEO Token(LEO)$3.370.13%
  • moneroMonero(XMR)$166.90-0.62%
  • bitcoin-cashBitcoin Cash(BCH)$131.26-3.41%
  • lido-daoLido DAO(LDO)$2.847.74%
  • AptosAptos(APT)$14.70-9.21%
  • stellarStellar(XLM)$0.090768-1.80%
  • nearNEAR Protocol(NEAR)$2.594.46%
  • crypto-com-chainCronos(CRO)$0.083346-0.55%
  • apecoinApeCoin(APE)$5.71-5.72%
  • filecoinFilecoin(FIL)$5.40-3.69%
  • algorandAlgorand(ALGO)$0.282688-0.02%
  • quant-networkQuant(QNT)$139.21-1.97%
  • hedera-hashgraphHedera(HBAR)$0.074161-0.13%
  • vechainVeChain(VET)$0.025658-3.45%
  • internet-computerInternet Computer(ICP)$5.67-3.74%
  • the-graphThe Graph(GRT)$0.179164-11.62%
  • the-sandboxThe Sandbox(SAND)$0.84-7.68%
  • fantomFantom(FTM)$0.52-12.64%
  • decentralandDecentraland(MANA)$0.75-5.88%
  • axie-infinityAxie Infinity(AXS)$11.921.16%
  • aaveAave(AAVE)$86.31-2.73%
  • eosEOS(EOS)$1.08-3.58%
  • flowFlow(FLOW)$1.12-7.41%
  • elrond-erd-2MultiversX(EGLD)$45.98-4.49%