China Ramps Up Digital Currency Pilot Testing With Transactions Topping 1.1 Billion Yuan

• China Ramps Up Digital Currency Pilot Testing With Transactions Topping 1.1 Billion Yuan
  by https://www.rt.com/
  The People’s Bank of China (PBOC) said that 3.13 million transactions have been processed using the nation’s sovereign digital currency as part of a series of ongoing pilot programs in major cities such as Shenzhen and Xiongan.
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  According to the bank’s deputy governor, Fan Yifei, the currency has been used for more than 1.1 billion yuan ($162 million) worth of transactions. Pilots will also be conducted at the Beijing Winter Olympics in 2022, he said.
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  The pilot programs have made “positive progress,” with more than 6,700 use cases implemented as of late August for transactions ranging from bill payments and transport to government services.
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  “PBOC regards digital renminbi as an important financial infrastructure for the future,” Fan said, as quoted by the South China Morning Post.
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  The e-yuan is being used for multiple payment methods, including barcodes, facial recognition, and tap-and-go transactions, he explained. More than 113,300 personal digital wallets and about 8,800 corporate digital wallets have been opened as part of the pilot program.
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