Transactions using Chinese CBDC surpass 100 billion yuan

The People’s Bank Of China revealed that transactions using China's digital yuan surpassed 100 billion yuan ($13.9 billion) as of Aug. 31.

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According to the central bank, the spending involved 360 million transactions in pilot areas in 15 provinces and municipalities.

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Over 5.6 million merchants can now accept payments with the digital yuan, the central bank revealed.

Transactions using the national digital currency rose from 87.6 billion yuan by the end of 2021, the PBOC said.

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Pilot regions offered nearly 30 rounds of digital yuan subsidies in 2022, including $4.5 million in free digital cash in Shanghai in May.

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China also used its digital yuan for international settlements.

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Earlier, the UK spy chief warned that China could use digital currency to avoid future sanctions.

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