Already 4 million transactions with the digital yuan

The governor of the Chinese central bank has said that more than 4 million transactions have already been made with the digital yuan, with a total volume transferred so far of more than 2 billion yuan, or nearly US$300 million.

This is reported by Bloomberg, who also reveals that PBoC Governor Yi Gang said at the Hong Kong Fintech Week conference that the pilot programme for the launch of China’s digital currency in four cities was smooth.

Gang also revealed that fintech companies have some key advantages over commercial banks in using digital currency, particularly in terms of client development and risk management.

He also added that the growth of digital banking during the pandemic created new challenges for the central bank, which must ensure convenience for consumers while also ensuring security.

Yuan digital, „fluid“ transactions

To tell the truth, since the digital yuan has been experimenting for months, 4 million transactions are not so many.

Surely the fact that only a few people are experimenting with it limits its use very much, but just think, for example, that almost every day on the Ethereum blockchain there are more than one million transactions.

However, it is also true that the number of cryptocurrency holders in the world is estimated to be just over 100 million, while the Chinese are 1.4 billion.

Perhaps the most relevant information communicated by Gang is that the result was „fluid“, i.e. that from a technical point of view there would have been no major problems.

This could mean that from the technical point of view the tools needed to use this digital currency are working properly, and could also be ready for the level jump. If this is the case, it is possible to imagine that the large-scale release of the digital yuan may now be only a matter of time.