{"id":31084,"date":"2020-11-02T11:45:36","date_gmt":"2020-11-02T09:45:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31084"},"modified":"2025-08-28T01:57:58","modified_gmt":"2025-08-27T22:57:58","slug":"pboc-governor-reports-4-million-digital-yuan-transactions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/pboc-governor-reports-4-million-digital-yuan-transactions\/","title":{"rendered":"PBOC governor reports 4 million digital yuan transactions"},"content":{"rendered":"<p>Yi Gang, governor of the People&#8217;s Bank of China, said that users had completed more than 4 million digital yuan transactions under the pilot program rolled out in four cities. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-02\/pboc-governor-says-4-million-transactions-so-far-in-digital-yuan?sref=naTJVz8t\" target=\"_blank\" rel=\"noopener noreferrer\">Bloomberg<\/a> reports this.<\/p>\n<p>The total value of payments in the digital currency exceeded 2 billion yuan (~$299 million), Yi Gang said, speaking at the Hong Kong Fintech Week conference.<\/p>\n<p>He participated in a panel discussion with Agust\u00edn Carstens, head of the Bank for International Settlements, and Klaas Knot, president of the Dutch central bank.<\/p>\n<p>In his remarks, Yi Gang noted:<\/p>\n<ul>\n<li>Fintech companies have a number of key advantages over commercial banks in terms of expanding the customer base and risk management;<\/li>\n<li>New technologies, including mobile payments, have broadened access to financial services in remote areas;<\/li>\n<li>The growth of contactless banking services amid the pandemic has posed challenges for central banks, which must ensure consumer convenience while maintaining safety;<\/li>\n<li>Protecting consumer privacy has become a regulatory challenge.<\/li>\n<\/ul>\n<p>In Shenzhen, during the program distributing 50,000 digital yuan &#8216;red packets&#8217;, almost 2 million people <a href=\"https:\/\/u1f987.com\/en\/news\/digital-yuan-airdrop-drew-nearly-2-million-people\">applied to receive them<\/a>.<\/p>\n<p>Lottery winners <a href=\"https:\/\/u1f987.com\/en\/news\/95-of-shenzhen-red-envelope-lottery-winners-spent-their-digital-yuan-prize\">spent<\/a> 88% of the distributed funds, executing 62,788 transactions worth 8.8 million yuan (~$1.3 million).<\/p>\n<p>For details on how China has emerged as a leader in the race to launch a national digital currency, read ForkLog&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/how-chinas-digital-yuan-dcep-put-it-at-the-forefront-of-monetary-innovation\">article<\/a>.<\/p>\n<p>Follow ForkLog on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yi Gang, governor of the People&#8217;s Bank of China, said that users completed more than 4 million digital yuan transactions in the pilot program implemented in four cities. Bloomberg reports this.<\/p>\n","protected":false},"author":1,"featured_media":31085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,1369],"class_list":["post-31084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=31084"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31084\/revisions"}],"predecessor-version":[{"id":31086,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31084\/revisions\/31086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/31085"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=31084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=31084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=31084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}