BEIJING—Transactions with China’s central bank digital currency exceeded 100 billion yuan in value ($13.9 billion) as of Aug. 31, 2022, rising from almost 88 billion yuan by the end of 2021, the People’s Bank of China (PBOC) announced.
The spending involved 360 million transactions, Bitcoin.com said, citing a Reuters report.
The data has been released as financial authorities in China proceed with the digital yuan (e-CNY) rollout and constantly increase the coverage of its trials. The CBDC has been introduced in 15 provinces and municipalities, with 5.6 million merchants now accepting the digital version of the Chinese yuan, Bitcoin.com said.
Pilot areas have seen almost 30 rounds of e-CNY subsidies this year, often distributed in red envelope campaigns such as one in Shanghai this past spring when $4.5 million in digital yuan was dispersed, Bitcoin.com explained.
These initiatives aim to stimulate consumption, fight the negative effects of the COVID-19 pandemic, and promote low-carbon transport, the PBOC said.
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