The digital currency of the Chinese central bank (CBDC) also known as e-CNY, it has reached close to $14 billion (100.04 billion yuan) from 360 million transactions as it gains wide acceptance in the country.

The People’s Bank of China reported the news and that some 15 provinces have been selected as of August 31 to carry out the work of distributing the digital Renminbi (RMB) in 10 institutions from various sectors such as health, education, culture and tourism.

The report also revealed that e-CNY, which meets public demand for mobile payments and provides secure and innovative payments for visitors from outside China, has been included in the 2022 Beijing Winter Olympics and Paralympics.

Various e-government platforms have established Renminbi Digital Payment Services, encompassing both online and offline channels to handle a variety of utility payments. The e-CNY can also be used to provide tax refund money, special funds for monthly health insurance payments, funds to help people in need, and “targeted, special, and novel” business assistance funds.

The advantages of e-CNY as a form of legal tender include trust, interoperability, and late development, which is helpful in increasing transaction transparency and intelligent level of fund management while reducing transaction costs. settlement and compliance.

China is accelerating the digital economy.

Although the e-CNY does not seem to have increased exponentially since the People’s Bank of China reported that it had transacted more than $12 billion (87.565 million yuan) in January, there is still hope that the number of transactions will increase sooner. from the end of the year in which the digital renminbi pilot project is launched.

The Bank of China recently inserted an educational RMB electronic smart contract prepaid fund management product, expanding the pilot’s focus to school education, in partnership with the Chengdu Longquanyi District Education Bureau and financial authorities.

China has kept up its impressive efforts to perfect e-CNY. the digital yuan app now allows users to use e-CNY to pay for public transportation on 10 bus lines.

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