Digital yuan used in $5 billion of transactions: PBOC

The total value of transactions using China’s central bank digital currency (CBDC), the digital yuan, reached 34.5 billion yuan ($5 billion) by the end of the June, the People’s Bank of China said on Friday.

• The PBOC also said for the first time that the CBDC will be compatible with smart contracts.

• The total number of transactions was 70.75 million, spread among almost 21 million personal wallets and 3.5 million enterprise wallets, the central bank said in a white paper.

• The central bank also offered details on the trials planned for the 2022 Beijing Winter Olympics.

• Unmanned vans, self-service vending machines, unmanned supermarkets, payment gloves, payment badges, Winter Olympics payment clothing, and other wearable devices will be deployed at the global sports event, it said.

• The paper assessed that the basic design of the digital yuan is in place. Authorities will continue existing trials across the country, and launch new ones.

• Trials for the digital yuan started over a year ago and were initially restricted to four cities – Chengdu, Shenzhen, Suzhou and Xiong'an – and were accessible only to whitelisted individuals.

• They later opened to the public through lotteries in the four cities, and expanded to more cities, including Shanghai and Beijing.

• There is no timetable for the launch of the central bank digital currency.