China’s digital yuan hits $250 billion milestone

Yi Gang, the governor of the People’s Bank of China, revealed the milestone at a conference hosted by the Moneyary Authority of Singapore.

As reported by Reuters, Yi Gang said the digital yuan has recorded over 950 million transactions, from 120 million wallets.

Yi Gang told the conference: “You can see that right now, the balance of e-CNY is only counting two-tenths of 1% of M0, so that the balance is very small, but with this kind of balance (we) support a big number of transactions, which means that the velocity is high and more efficient.”

The Chinese Government has made steady progress in seeding the digital currency across the country, with all banks and digital wallets from Alipay and WeChat onboard.

The next phase will see salary payments for public sector employees paid in digital Yuan, alongside the commencement of cross-border payment trials with neighbouring countries.