PBoC Governor Says ‘Successful’ Digital Yuan Trials Have Transacted $299M
The governor of the People’s Bank of China praised recent tests of its national digital currency at the Hong Kong Fintech Week conference on Monday. Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using the digital yuan, Yi said.
In a report by Bloomberg, Yi Gang said the pilot program, which has spanned multiple Chinese cities this year, has proven successful. Per a Reuters report on Monday, Yi said the the prospect of a launch was not imminent, saying the digital yuan project is still in the early stages. China must still develop a “fairly complicated and fairly complete legal framework,” he said, particularly around transparency.
