People’s Bank of China Included Digital Yuan in Money Supply!

People’s Bank of China PBOC, digital Yuan CBDC included the project in its official cash supply report for the first time.

According to the news published in the country’s leading press organization, South China Morning Post. e-CNY The supply of the digital currency, known as the coin, reached approximately 13.5 billion Yuan ($2 billion) by the end of the year. This figure means that 0.12% of the country’s total money supply is digital-based.

The digital Yuan, which was announced for the first time 4 years ago and started to be piloted open to the public during the pandemic process, has passed through the hands of 5.6 million people residing in 26 different cities, according to the report.

China Promotes Digital Yuan

Although the Chinese government has imposed massive sanctions and bans on the crypto industry in recent years, it has embraced digitalization to a large extent. The Asian giant, which has carried out the most comprehensive work in the field of digital currency to date, is testing various pre-use scenarios for the use of e-CNY in non-mainland regions.

In the last weeks of last year, Bank of China, operating in Hong Kong, gave away 100 e-CNY for free for people to try the digital Yuan.

The People’s Bank of China, on the other hand, announced that CBDC-based money transfers in October exceeded 100 billion yuan.

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