The transaction volume for China’s e-CNY neared $250 billion across 950 million transactions as of the end of June, says the country’s central bank governor Yi Gang.
The digital yuan’s adoption is still minimal relative to China’s 1.4 billion strong population, so far, the e-CNY had mostly been used forthe Bank of China Hong Kong began trialing another cross-border payment scheme for Bank of China customers at select retail stores in Hong Kong.
The trial was rolled out in a bid to further promote the cross-border applications of e-CNY and is the third cross-border trial of the digital yuan in Hong Kong, according to the SCMP.In a trial last year the BOCHK launched a program that encouraged customers to set up a BOC e-CNY wallet to receive $14 to be used at the Hong Kong supermarket chain U Select.into the digital yuan to expand upon its use cases.
The $250 billion in e-CNY transactions is an over 70% increase from the number the bank cited in August 2022. The amount is still, however, far off the amount of value processed by some of the largest public blockchains in the world.
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