{"id":68524,"date":"2022-10-13T12:25:00","date_gmt":"2022-10-13T09:25:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68524"},"modified":"2025-09-07T14:33:21","modified_gmt":"2025-09-07T11:33:21","slug":"e-cny-transaction-volume-tops-14-billion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/e-cny-transaction-volume-tops-14-billion\/","title":{"rendered":"e-CNY transaction volume tops $14 billion"},"content":{"rendered":"<p>By the end of summer 2022, the cumulative volume of <span data-descr=\"digital yuan\" class=\"old_tooltip\">e-CNY<\/span> transactions reached 100.04 billion yuan (about $14 billion), according to the <a href=\"https:\/\/mp.weixin.qq.com\/s\/mrc_vPXAZf4glX9_NEfmUQ\">People&#8217;s Bank of China<\/a>.<\/p>\n<p>For comparison, as of 2021 the indicator <a href=\"https:\/\/u1f987.com\/en\/news\/china-to-expand-digital-yuan-testing-program\">stood at<\/a> 87.57 billion yuan (about $13.68 billion), with 261 million unique digital wallets registered.<\/p>\n<p>During the reporting period, the number of transactions with<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\"> CBDC<\/a> in 15 provinces reached 360 million. The e-CNY was accepted by 5.6 million merchants.<\/p>\n<p>The pilot also involves some government agencies.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cNumerous electronic government\u2011service platforms have opened services to process e-CNY receipts for utility bills, for tax refunds, monthly medical insurance settlements [\u2026] and so on,\u201d<\/em> the statement said.<\/p>\n<\/blockquote>\n<p>In September 2022, media<a href=\"https:\/\/u1f987.com\/en\/news\/china-expands-digital-yuan-testing-to-four-provinces\"> reported<\/a> on expanding e-CNY testing to four provinces.<\/p>\n<p>In April, former head of the People\u2019s Bank of China Zhou Xiaochuan noted that the digital yuan is primarily<a href=\"https:\/\/u1f987.com\/en\/news\/former-chinese-central-bank-chief-sees-no-threat-to-swift-or-other-currencies-from-the-digital-yuan\"> intended for the public and merchants<\/a>, and not to replace SWIFT or \u201cturn the currency into a weapon.\u201d<\/p>\n<p>The former official added that for cross-border payments the e-CNY could be adapted in the future, but even then the<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\"> CBDC<\/a> would still be oriented toward retail users.<\/p>\n<p>In March, U.S. Senator Pat Toomey<a href=\"https:\/\/u1f987.com\/en\/news\/senator-pat-toomey-warns-that-the-digital-yuan-poses-a-threat-to-us-national-security\"> stated<\/a> about the threat of the digital yuan to national security.<\/p>\n<p>Analysts at Deutsche Bank also<a href=\"https:\/\/u1f987.com\/en\/news\/deutsche-bank-national-digital-currencies-could-challenge-dollar-dominance\"> suggested<\/a> that the use of the e-CNY in foreign trade could undermine the dollar\u2019s dominance.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By the end of summer 2022, the cumulative volume of e-CNY transactions reached 100.04 billion yuan (about $14 billion), according to the People&#8217;s Bank of China.<\/p>\n","protected":false},"author":1,"featured_media":68525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,1369],"class_list":["post-68524","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":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68524","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=68524"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68524\/revisions"}],"predecessor-version":[{"id":68526,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68524\/revisions\/68526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68525"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}