As Bitcoin plummeted, China’s digital renminbi transaction volume soared to more than US$5.3 billion
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Today, the People’s Bank of China (PBOC) Announce The country’s digital currency e-CNY has a transaction volume of more than 5.3 billion U.S. dollars (34.5 billion yuan) In the case of increased restrictions Regarding the mining and use of cryptocurrencies such as Bitcoin.
The People’s Bank of China stated that the amount was distributed among more than 70.7 million transactions involving 20.8 million individuals and 3.5 million companies with electronic renminbi wallets. These numbers seem to be low compared to China’s 1.4 billion population, but the digital currency is still being tested before it is officially unveiled.
“So far,” the People’s Bank of China Say On its English website, “As the top-level design, function development, and system testing are basically completed, the People’s Bank of China has launched pilot projects in some representative regions to ensure smooth operation, safety, management, innovation, and practical methods.”
According to the official timetable, the People’s Bank of China began to study e-CNY in 2014, established a digital currency research institute in 2016 to develop the first version of the coin, and obtained approval from the State Council in 2017 to start testing digital currencies with business partners, and then 2019 Started public testing across the country in 2016.
This makes the development of electronic renminbi far ahead of similar digital currencies related to the US dollar.Federal Reserve Chairman Jerome Powell said The agency plans A report on these efforts and stablecoins and cryptocurrencies was released in September. At the same time, e-CNY has been used in tens of millions of transactions.
The continued development of the electronic renminbi will also help explain the central bank’s stricter regulations on cryptocurrencies such as Bitcoin. June criticism Encourage criminal activities, violate “people’s property security”, and disrupt “normal economic and financial order.” They also compete with official digital currencies.
The People’s Bank of China stated in a white paper released today that electronic renminbi is currently being piloted in 11 provinces and cities across the country.Bloomberg Report It also “will explore cross-border experiments based on overseas demand” and vowed to “respect the currency sovereignty of other countries in the process.” (Not that it will say otherwise.)
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