This year, throughout a series of digital yuan pilot projects in China, validators reportedly allocated CNY 351 (USD 52) on average per transaction, producing the total value of pilot activities to CNY 1.1 Billion (USD 162 Million).
According to Fan Yifei, Deputy Governor at the People’s Bank of China (PBoC), 3.13m sales were processed using the digital currency, the South China Morning Post announced, adding 122,100 wallets were created. Approximately 93% of them are personal wallets, while others go to companies. According to these figures, there were nearly 26 transactions per wallet on average.
The pilot projects in China’s principal municipalities saw more than 6,700 use cases performed as of late August for transactions ranging from bill payments and transport to government services, the report said, citing Fan. Digital yan is also being used for multiple payment methods, including bar code, facial recognition, and tap-and-go transactions.
As reported, JD.com, a multi-billion dollar Chinese e-commerce platform, has also recently joined the digital yuan initiative. It becomes the most extensive business so far to confirm that it is operating with Beijing on its enthusiastic drive to mature the first influential economy in the world to release a digital version of its fiat currency.
Meantime, the Deputy Governor also revealed that digital yuan was used to reward about 5,000 medical and health care workers involved in the treatment of COVID-19.
Additionally, previously the central bank claimed that “improved data feedback” from its digital yuan would “help enhance monetary policy transmission,” boosting chances of a faster economic recovery from the coronavirus pandemic.
As detailed, the PBoC confirmed that it is ready to take center-stage on a “new battlefield” of competition between sovereign nations based on digital fiats – and claims its new token could help break “dollar dominance.”