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The volume of transactions with digital yuan exceeded $ 14 billion
At the end of the summer of 2022, the accumulated volume of transactions with E-CNY reached 100.04 billion yuan (~ $ 14 billion), according to the People’s Bank of China.
For comparison, according to the results of 2021, the indicator amounted to 87.57 billion yuan (~ $ 13.68 billion), 261 million unique digital wallets were registered.
During the reporting period, the number of performed operations with CBDC in 15 provinces reached 360 million. E-CNY took 5.6 million merchants.
Some state institutions are also involved in the pilot project.
“Numerous platforms of electronic public services have opened services for processing revenues in E-CNY for utility bills, to reimburse taxes, monthly medical insurance calculations […] and t. D.””, – The message says.
Recall that in September 2022, the media reported on the expansion of E-CNY testing for four provinces.
In April, the former head of the People’s Bank of China Zhou Xiaocuan noted that digital yuan is primarily intended for the population and merchants, and not for replacing SWIFT or “turning currency into weapons”.
The ex-functions then added that E-CNY can adapt in the future for cross-border payments, but in this case, CBDC will still be focused on retail users.
In March, US Senator Pat Tumi announced the threat of digital yuan for national security.
Deutsche Bank analysts also suggested that the use of E-CNY in foreign trade can undermine the dominance of the dollar.
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