PBoC Governor Says ‘Successful’ Digital Yuan Trials Have Transacted $299M

PBoC deputy governor Fan Yifei said expanding e-CNY trials to the provinces of Guangdong, Jiangsu, Hebei and Sichuan would happen "at a proper time." The People’s Bank of China, or PBoC, will reportedly expand deployment of its central bank digital currency, the e-CNY, to four of the country’s provinces, including Guangdong.According to a Tuesday report from the South China Morning Post, PBoC deputy governor Fan Yifei said at an event in Suzhou that the bank would be rolling out e-CNY trials in the provinces of Guangdong, Jiangsu, Hebei and Sichuan. With a combined population of more than....

The People’s Bank of China (PBOC) Governor Zhou Xiaochuan was just recently interviewed and had quite a bit to say concerning digital currency. The central bank official spoke of capital outflow, Bitcoin, and centralized digital yuan. Xiaochuan expressed a lot of knowledge on the subject, and he says the PBOC has been researching digital currency for quite some time now. Xiaochuan states in the written transcript: The governor of the bank, Xiaochuan gave strong opinions regarding the subject of permissionless and permissioned digital currencies. He believes the central bank adds a....

China’s CBDC hit 62 billion yuan in total transactions processed, according to PBoC’s digital currency head. China’s trials with central bank digital currency (CBDC) show no signs of slowing down, as the updated numbers for October 2021 were revealed at Hong Kong Fintech Week.Set out to replace cash in day-to-day transactions, the digital yuan (e-CNY) is gaining traction among individuals and corporates alike, according to the People’s Bank of China’s (PBoC) Digital Currency Institute head Mu Changchun. Speaking at the conference on Wednesday, Mu said the number of individual digital yuan....

A former PBoC official says that his country has taken a cautious approach with the digital yuan. The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to a former governor of the People’s Bank of China, or PBoC.Zhou Xiaochuan, the president of the Chinese Finance Association and former PBoC governor, claimed that China’s digital yuan is not intended to replace global fiat currencies like the United States dollar and the euro, the South China Morning Post reported on Dec. 14.Also known as a digital currency electronic payment, or....

Making the e-CNY more privacy-orientated aside, the PBoC already has ambitions to bring the CBDC onto the world stage. During a virtual video session at the Bank of Finland Institute for Emerging Economies' 30th Anniversary Conference, People's Bank of China governor Gang Yi discussed recent developments regarding the country's central bank digital currency, or CBDC, known as the digital yuan (e-CNY). Gang specifically addressed the issue of privacy surrounding the Digital Yuan in the following statement, as translated by Cointelegraph:We are taking a high degree of focus on issues....