Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

China’s Digital Yuan Trial Reaches $5.3 Billion in Transactions

July 16, 2021, 8:49 AM

China’s digital yuan trial has reached 34.5 billion yuan ($5.3 billion) in transaction value as the central bank continues to outpace global peers in developing a virtual currency.

Across China, more than 20.8 million individuals have opened a virtual wallet that stores the digital currency and have made more than 70.7 million transactions in total, the People’s Bank of China said in a white paper published Friday. The central bank said it will continue to test and develop the system, but won’t set a timetable for its official rollout.

So far, the central bank has basically completed the research and ...