Digital Yuan Explained: What It Will Mean To You?

Contents

Digital RMB transactions close to $ 300 million
CONTENT

  • China’s Digital RMB Transaction Volumes Rise

  • China has been developing its digital currency since 2014

  • The PRC authorities have yet to decide on the regulation of digital currency

International consortium of news organizations, developing transparency standards.

To date, about 4 million individual transactions have been made with 2 billion digital yuan

According to Yi Gang, head of the People’s Bank of China, so far over 2 billion digital yuan have participated in 4 million individual transactions, which is equivalent to nearly $ 300 million..

Digital Yuan – China’s financial regulator has been working on creating a digital asset for several years. During this time, a large number of … More China is one of the most developed digital currencies in the world.

Digital RMB transactions close to $ 300 million

Back in 2014, the Celestial Empire began working on creating its own digital currency. Then the Central Bank, led by Zhou Xiaochuan, who led the bank for a record 15 years, initiated the establishment of the Digital Currency Research Institute..

This year, China even attracted the public to experimenting with digital currency by issuing 10 million yuan of digital to residents of Shenzhen city, who made 62 thousand transactions in the first week of digital testing, while the total funds spent exceeded 8.8 million yuan, or $ 1. 3 million.

The experiment was successful

Reporting on the results of the experiment, Yi Gang said that the pilot initiatives launched in four cities of the country spent 2 billion yuan through 12 thousand.

Digital RMB transactions close to $ 300 million

payment scenarios.

The digital currency of the Chinese Central Bank operates within a two-tier system, where the bank itself issues currency, and private companies and commercial banks distribute it to consumers.

Digital RMB transactions close to $ 300 million

At a recent conference, the head of the regulator noted:

For a long time now, I assumed that cash and digital currencies would coexist in the future..

On this playing field, China is certainly in the lead, but China still has a lot of work ahead of it. During the Hong Kong fintech week, where Yi Gang spoke, he stressed that the regulator now has to develop a complex and comprehensive regulatory framework for digital currency..

Judging by the fact that the first experiments of the Central Bank with the digital yuan turned out to be somewhat successful, China should not delay regulation.

Recall that last month it became known that the Hong Kong authorities are actively discussing the integration of the digital national currency of the PRC with the People’s Bank of China, and the Hong Kong Financial Services Development Council has already created a working group that is studying the potential use of the digital yuan in the Autonomous Region..

 

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Digital RMB transactions close to $ 300 million

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