People's Bank of China Archives

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

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

China declares all crypto-related activity illegal

China has renewed its crackdown on cryptocurrencies by declaring that all crypto-related activities are now illegal.

In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are all strictly prohibited. Overseas exchanges providing services in mainland China are also illegal.

The move comes to close a legal loophole that has existed since May, when China’s...