Tuesday, February 7, 2023
HomeBTCChina's Central Bank Adds Digital Yuan In Circulation Report

China’s Central Bank Adds Digital Yuan In Circulation Report

The People’s Bank of China, often known as the PBoC, has just begun including the e-CNY, the nation’s central bank digital currency, in statistics calculating the total quantity of cash that is currently in circulation.

The People’s Bank of China (PBoC) said that there were 13.61 billion digital yuan in circulation as of the 31st of December, according to a report on 2022 financial data that was published on January 10 and valued at almost $2 billion at the time of publishing. In December, there was a 15.3% increase in the total amount of currency that was in circulation, and the broad money supply was estimated to be 266.43 trillion yuan.

The People’s Bank of China (PBoC) claimed that the incorporation of the digital yuan into its calculations had not resulted in any “notable alterations” to the growth rates. At the end of 2022, there were around 10.47 trillion yuan in circulation. The 13.61 billion e-CNY constituted approximately 0.13% of this total.

China, the world’s second-largest economy, was one of the first countries to begin testing a CBDC in certain towns and areas. This initiative was ultimately made accessible to visiting athletes from other countries competing in the Beijing 2022 Winter Olympics, which took place in February. On the other hand, according to a former research director at the PBoC, the use of digital money has been rather minimal. More than two years after the introduction of the e-CNY in April 2020, the total amount of transactions had reached over $14 billion as of October.

In September, the central bank of China made public its intention to “at the suitable moment” extend the use of the electronic version of the Chinese yuan to include the provinces of Guangdong, Jiangsu, Hebei, and Sichuan. However, neither the PBoC nor officials from the Chinese government have presented a plan for implementing the CBDC throughout all of China’s 1.4 billion citizens as of yet.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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