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Digital yuan pilots have processed $ 300 million so far, says PBoC boss

November 2, 2020

The governor of China’s central bank has given further details on the ongoing digital currency pilot in the country.

Yi Gang, governor of the People’s Bank of China, said that Digital yuan pilots have processed more than four million transactions so far, a total of more than 2 billion yuan ($ 299 million). The official made his final remarks at the Hong Kong Fintech Week conference on Nov. 2, Bloomberg reported.

According to Yi The pilots have done well so far and have used extensive tests in four citiess.

Digital yuan pilots have processed $ 300 million so far, says PBoC boss
Digital yuan pilots have processed $ 300 million so far, says PBoC boss

The increasing demand for digital and contactless payment methods amid the coronavirus pandemic has posed major challenges for central banksWhen trying to balance user safety with convenience, Yi said.

The officer stated that Fintech companies have some key advantages over commercial banks in terms of creating a customer base and managing risks.

The PBoC launched the first pilots for their digital yuan in April 2020. It has been reported that The first test included four capital cities: Shenzhen, Chengdu, Suzhou and Xiongan. According to reports The program was expanded to nine citiesincluding Guangzhou, Hong Kong and Macau.

The PBoC officially announced this in early October Yuan digital wallets processed $ 162 million in transactions between April and August 2020.

Big tech companies have already begun preparing for the seemingly inevitable adoption of the digital yuan. Huawei recently announced that its newest smartphone, the Mate40, will have a wallet that will allow users to conduct transactions offline.