The governor of the Chinese central bank has said that there have already been more of 4 million transactions with the digital yuan, with a total volume of more than 2 billion yuan transferred so far, equivalent to almost 300 million US dollars.
This is reported by Bloomberg, who also reveals that the PBoC governor, Yi gang, during the Hong Kong Fintech Week conference, stated that the pilot program for China's digital currency launch 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 customer development and risk management.
He also added that the growth of digital banking during the pandemic generated new challenges for the central bank, which should ensure convenience for consumers while ensuring safety.
Digital Yuan “seamless” transactions
In fact, considering that experimentation with the digital yuan has been going on for months, 4 million transactions is not that many.
The fact that only a few people are using it certainly limits its use. On the Ethereum blockchain, for example, the number of transactions exceeds a million almost every day.
However, it is also true that the number of holders of cryptocurrencies in the world is estimated at just over 100 million, while the Chinese are 1.4 billion.
Perhaps the most relevant information communicated by Gang is that the result has been "fluid"In other words, there would have been no major problems from a technical point of view.
This could mean that, from a technical point of view, the tools needed to use this digital currency are working properly and could also be ready for the next step. If this is the case, it is possible to imagine that the large-scale launch of the digital yuan may now only be a matter of time.