China Processed Over $300M via Digital Yuan
Main page News, China, CBDC

The People’s Bank of China (PBoC) has processed over $300 million via digital yuan so far, Bloomberg reports, citing the bank's governor Yi Gang.

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Yi said at the Hong Kong Fintech Week conference there had been over 4 million transactions, totaling over $300 million in the national virtual currency. According to PBoC's governor, fintech companies already have key advantages over financial institutions, in terms of growing a customer base and managing risk.

However, consumers’ confidential information still remains to be a challenge, Yi emphasized.

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Meanwhile, the country's watchdog has already revealed several cases of fake digital wallets, said Mu Changchun, the head of the central bank's digital currency research institute.

Mu says the PBoC should focus its efforts on developing a recognizable digital yuan wallet. It is important to include other companies and government organizations to legitimize the official digital yuan wallet, Mu noted.

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