Source: www.ledgerinsights.com
Yesterday, China’s central bank announced the latest statistics for its central bank digital currency (CBDC) issuance. As of the end of August, the pilot digital yuan had a cumulative 360 million transactions, up 36% from 264 million three months earlier.
The Digital Currency Research Institute said that the cumulative value of eCNY transactions was 100.04 billion yuan ($13.9 billion), an increase of 20% from the 83 billion dollars ($11.5 billion) in May. Taken together, this means that the average transaction value has decreased from 314 yuan ($43.52) to 278 yuan ($38.50). This could mean that there were fewer business transactions.
The number of merchant stores accepting transactions is now 5.6 million compared to 4.567 million.
| June 21 | October 21 | December 21 | May 22nd | August 22nd | |
| personal wallets | 20.87m | 140m | 261m | n/a | n/a |
| corporate portfolios | 3.51m | 10m | n/a | n/a | n/a |
| transaction numbers | 70.75m | 150m | n/a | 264m | 360m |
| transaction value | RMB34.5 | 62 billion RMB | 87.6 billion RMB(?) | 83 billion RMB | 100.04 billion RMB ($13.9 billion) |
| Average transaction value | 488RMB | 413RMB | n/a | 314RMB | RMB 278 |
Cross-Border eCNY Income
It was confirmed that cross-border payments are also being tested, but none of the activities are new. It is widely known that the People’s Bank of China is involved in the MBridge Project, a multi-CBDC initiative involving the BIS Innovation Hub and the central banks of Hong Kong, Thailand, and the United Arab Emirates. The project involved 20 banks and recently concluded, processing a total of $22 million in foreign exchange transactions.
It is also linking the digital yuan to Hong Kong’s fastest payment system, which was reported late last year.
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