China’s digital yuan breaks £12.4bn in transaction volume

Shanghai, China

China’s CBDC project - the digital yuan - has seen more than 360 million transactions completed with a total value of 100 billion yuan (£12.4bn).

Although still in its pilot phase, such stats make the digital yuan, or e-CNY, the most widely adopted CBDC in the world.

The latest figures come from an official WeChat post by the Bank of China on October 10. Almost six million merchants are now supporting the digital yuan as legal tender across 15 provinces participating...

13 October 2022 | CBDC

2.6 million Shenzhen residents sign up for digital yuan airdrop

Shenzhen, China

More than 2.6 million of Shenzhen’s 18 million residents signed up for the Chinese city’s upcoming airdrop of 30 million digital yuan, or e-CNY.

City officials announced the airdrop two months ago as part of a recovery plan to stimulate consumer spending after the country’s most stringent coronavirus lockdown to date.

Digital yuan is the Chinese government’s take on a central bank digital currency and, although still in its pilot stage, has seen millions of...

15 July 2022 | CBDC

India announces digital rupee rollout and 30% crypto tax

Taj Mahal, India

India is carving out its central bank digital currency (CBDC) plans with a digital rupee launch set for the coming financial year, as well as a 30% crypto tax.

In Tuesday’s speech on the upcoming year’s budget, Indian finance minister Nirmala Sitharaman confirmed the launch of a CBDC by 2023 to boost economic growth.

“Introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and...

2 February 2022 | CBDC

Macau expected to become testbed for China’s digital yuan

Macau, China

Macau, known as the Las Vegas of China, is likely to become a testing ground for China’s digital yuan (e-CNY) in 2022.

With casino owners preparing to bid for new licences for the first time in two decades, Reuters expects Chinese regulators to use the opportunity to force digital yuan implementation.

Major companies like Sands China and Wynn Macau have shown eagerness to cooperate.

The Government has already begun pitching ideas like appointing regulatory...

4 January 2022 | CBDC