China publishes first e-CNY white paper, says digital yuan trade hits $ 5 billion

People’s Bank of China (PBoC) said the total value of digital yuan (e-CNY) transactions reached 34.5 billion yuan (about $ 5 billion) at the end of June.

Digital yuan (e-CNY) will soon be compatible with smart contracts

The PBoC says that CBDC will be compatible with smart contracts. As can be seen from the project’s whitepaper, the total number of transactions is 70.75 million, spread over almost 21 million private wallets and 3.5 million business wallets. The basic design of the digital yuan is as described in. still on track White paper.

The central bank also gave details of the planned tests for the Beijing Winter Olympics in 2022. In addition, the authorities will continue the existing tests nationwide and start new tests.

Tests for the digital currency began over a year ago and were initially limited to four cities, including Chengdu, Shenzhen, Suzhou, and Xi’an, and only available to the people in the new white paper.

They later opened their doors to the public through lotteries in four cities and expanded into other cities including Shanghai and Beijing. At the moment, China has not disclosed the exact timing of the introduction of the central bank digital currency.

Veronica

According to Coindesk

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