Thursday, September 18, 2025

Latest

China’s Digital Currency Pilot Project Processed 3.13 Million Transactions Since Launch

Earlier this year, the People’s Bank of China (PBOC) issued a digital version of its currency – the first central bank to do so – via trials in several major Chinese cities. Although the new pilot currency, which still lacks an official name but is known shorthand as Digital Currency Electronic Payment (DCEP), does not have an official launch date yet, the PBOC has announced that there have been over 3.13 million transactions processed already.

According to the PBOC deputy governor Fan Yifei, the new digital currency has accounted for $162 million in transactions thus far, with 6,700 use cases at the end of August ranging from bill payments, government services, and transport. As part of the pilot program, over 8,800 corporate digital wallets and nearly 113,300 personal digital wallets have been opened thus far, with the e-yuan being used for various payment methods including tap-and-go transactions, barcodes, and facial recognition.

China’s new digital currency pilot project has been launched across several major Chinese cities including Chengdu, Suzhou, and Shenzhen. The DCEP shares similar features with other popular cryptocurrencies including Bitcoin and Facebook’s Libra, and is expected to eventually replace cash in China. Cryptocurrencies such as Bitcoin have been faring relatively well, and alongside the coronavirus pandemic and its social distancing measures the urgency for digital currencies has been heightened.


Information for this briefing was found via the PBOC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $10K Gold No Longer Sounds Crazy | Dan Wilton – First Mining Gold

The Pure Silver Set Up! | Joaquin Marias – Argenta Silver Corp

Why $30,000 Gold Isn’t Crazy! | Simon Marcotte – Northern Superior

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

China Probes Apple Contractor Foxconn As Firm Founder Runs For President In Taiwan

Chinese state media reported on Sunday that an investigation has been launched into Apple iPhone...

Tuesday, October 24, 2023, 12:56:00 PM

Cryptocurrencies on the Mend as Concerns Over China’s Crackdown Fade

Cryptocurrencies went into recovery mode over the weekend and recouped most of their losses after...

Monday, September 27, 2021, 03:41:00 PM

Evergrande Narrowly Averts Default Again, Makes Last Minute Interest Payment

The fate of China’s most indebted property developer Evergrande was hanging on its last thread...

Thursday, November 11, 2021, 10:26:00 AM

Donald Trump Orders Federal Employee Retirement Fund to Cease Investing in Chinese Equities

Tensions between China and the US were already at an all-time high much before the...

Wednesday, May 13, 2020, 09:26:38 AM

Goodbye US Dollar: China, France Complete First LNG Transaction In Yuan

China and France have successfully completed the first cross-border yuan settlement for liquefied natural gas...

Saturday, April 1, 2023, 01:32:00 PM