Today at the virtual SIBOS banking conference, People’s Bank of China (PBC) Deputy Governor Fan Yi Fei shared figures about the digital yuan trials. There have been more than three million transactions totaling RMB 1.1 billion ($160 million) through to late August using the central bank digital currency (CBDC). The tests included the creation of 113,300 personal digital wallets and almost 9,000 corporate wallets.
Previously there have been mixed reports about the trials being finished. The deputy governor clarified: “PBC regards digital RMB as an important financial infrastructure for the future. It has actively been carrying out research and development and pilot projects under the promise of two-tier operation, M0 substitution and controllable anonymity. The architecture, standard formulation, research & development of functionality, joint debugging and testing of e-CNY system have been completed.”
He confirmed as previously announced that ‘internal closed pilots’ were in Shenzhen, Suzhou, Xiong’an and Chengdu and will also take place during the forthcoming Winter Olympics.
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