China digital currency transaction volume soars to nearly US$14B

China’s central bank digital currency (CBDC) has reached 100 billion yuan (US$13.9 billion) in transactions as of Aug. 31, 2022, the People’s Bank of China said via a verified WeChat account.

Fast facts

• The transaction volume soared 20.9% in two months since June.

• The number of transactions topped 360 million, a rise of 36.3% since June. The average amount of each transfer was 277 yuan (US$38.57), as calculated by Forkast.

• Some 5.6 million shops accept digital yuan payments, the PBoC said, a jump of 22% since June.

• China’s CBDC, also called the digital yuan or e-CNY, is now piloted in 23 cities in mainland China. It aims to expand the availability of the new e-currency to four more provinces in 2022 as part of its soft launch.

• In addition to medical care, transportation, and retail payments, the digital yuan has started testing in taxation, land selling and loans.