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Digital Yuan Reached 4 Million Transaction Record

Amid the covid-19 pandemic, China’s digital yuan strategy is flourishing constructively and achieving new milestones confidently.

The forthcoming DCEP is on the smooth roll-out phase since April 2020 and so far recorded approx. 4 million transaction mark in the ongoing pilot phase, said Yi Gang.

The governor of the People’s Bank of China seems to create a buzz among the citizens towards the adoption of the Chinese CBDC/digital yuan/DCEP (digital currency electronic payment) project. 

In a Hong Kong Fintech Week conference held on Monday, the governor positively commented on the smooth debut of the Chinese CBDC.

While lapping up during an online panel along with the head of the Bank for International Settlements, Agustin Carstens, and Dutch central bank President, Klaas Knot, the governor said that CBDC pilot crossed over 4 million transactions estimating over 2 billion yuan ($299 million) in digital currency.

The chief mentioned that the Covid-19 accelerated the growth of digital yuan and contactless payment system that is good for the nation’s development even so created the concern and challenge in front of the authorities and commercial banking system to maintain user’s safety while offering convenience. However, fintech companies are on the advantageous side due to authority in managing the risks, and at the same time gripping over a good customer base.  

World’s First Smart Phone Igniting Interest in Digital Yuan 

The Chinese multinational technology company, Huawei while upkeeping with the technology trend, launched a new smartphone that caters to China’s CBDC. The New Huawei smartphone, Mate 40 is going to feature an in-built hardware wallet for DCEP through which transactions in digital yuan are possible even in an off-line mode.

Reportedly, Mate 40 series is being designed to allow users to control anonymity and enjoy smooth transactions, including digital yuan. Meaning, the Mate40 series reportedly enables dual offline transactions and allows user to control anonymity with a built-in AI gesture control feature.

“Packing more than 15 billion4 transistors, the extremely compact 5 nm Kirin 9000 5G SoC is capable of multi-tasking, processing massive amounts of data, and powering instantly-responsive AI computing with ease.”

China’s CBDC/ Digital Yuan project that was in the deliberation phase since 2014 is now seeing the implementation. 

In Oct, the People’s Bank of China, being the operator of DCEP, ran a lottery pilot that showed an emboldening response of over 2 million Chinese applicants who took part in the giveaway. There are about 47500 people virtually obtained 200 yuan, each worth of $30.

Earlier, in August China revealed the expansion of the national bank digital currency CBDC (Digital Yuan) pilot from 4 to nine cities, including Shenzhen, Chengdu, Suzhou, Xiongan, Tianjin, Hebei, Guangzhou, Hong Kong, and Macau.