China’s e-currency transactions hit CNY100bn

The People's Bank of China (PBOC) announced that transactions using China’s digital currency surpassed RMB100bn (USD13.9bn) as of the end of August. China continues its roll-out of a central bank digital currency, which involves 360 million transactions, in pilot areas in 15 provinces and municipalities. China’s central bank said that more than 5.6 million merchants could now accept payments using the digital currency. The PBOC said that the pilot regions offered nearly 30 rounds of e-CNY subsidies in 2022, including USD4.5m in free digital cash in Shanghai in May, to stimulate consumption, fight the pandemic, and promote low-carbon transport. It said the central bank also took part in the cross-border multiple Central Bank Digital Currency (mCBDC) Bridge trial developed by the Bank of International Settlements and conducted tests to connect with Hong Kong's local digital payment system.