4 Million Transactions so Far in Digital Yuan

The development of National Digital Currencies is running fast. Yi Gang, governor of the People’s Bank of China, said a pilot program on the development of a digital currency issued by China's Central Bank in four cities has been working fine.

There have been more than 4 million transactions, totaling over 2 billion yuan (nearly $300 million) in the digital currency so far, according to this news reported by Bloomberg.

He also made other comments:

  • Fintech companies have some key advantages over commercial banks, in terms of developing a customer base and managing risk
  • Access to financial services in remote areas has been boosted by new technologies, for example microloans and mobile payments
  • Growth in contactless banking during the virus pandemic has created challenges for central banks, which have to manage the convenience for consumers while ensuring their safety
  • Protecting consumers’ private information is a challenge

The development of China's Digital Currency has some clear support by digital companies, many rumors and news are stating many smartphones of leading companies will support Digital Currencies in the next series

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The Very Confused Martin Babalor
The Very Confused Martin Babalor

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