Steady Progress in Digital Yuan Application, Transaction Volume Reaches 7 Trillion Yuan

Steady Progress in Digital Yuan Application, Transaction Volume Reaches 7 Trillion YuanLu Lei, Deputy Governor of the People's Bank of China (PBOC), stated at a press conference on September 5th that the digital yuan's popularization and promotion are progressing smoothly. Currently, pilot programs are underway in 17 provinces, autonomous regions, and municipalities, with a cumulative transaction volume reaching 7 trillion yuan

Steady Progress in Digital Yuan Application, Transaction Volume Reaches 7 Trillion Yuan

Lu Lei, Deputy Governor of the People's Bank of China (PBOC), stated at a press conference on September 5th that the digital yuan's popularization and promotion are progressing smoothly. Currently, pilot programs are underway in 17 provinces, autonomous regions, and municipalities, with a cumulative transaction volume reaching 7 trillion yuan.

Lu Lei emphasized that research on the digital yuan has been ongoing for 10 years, and its feasibility and reliability have been preliminarily verified in theory, business practices, and technology. The PBOC is actively planning for the popularization and promotion of the digital yuan, aiming for seamless compatibility with the digital economy.

Progress in Digital Yuan Application is evident in several aspects:

Firstly, a fundamental framework system has been established. Combining the overall situation of research and development pilot programs with China's actual circumstances, the PBOC has initially formed a "central bank + operating institutions" dual-tier operational structure, with continuous improvement in various regulations.

Secondly, the research and development pilot programs are being steadily implemented, continuously exploring innovative application scenarios. Digital yuan pilot programs have covered 17 provinces, autonomous regions, and municipalities, and are continuously exploring application scenarios in wholesale and retail, catering, culture and tourism, education, healthcare, and other fields. A number of replicable and scalable application solutions have been developed, playing a positive role in stimulating consumer spending, promoting green transformation, and optimizing the business environment.

Thirdly, service levels are being continuously enhanced. The PBOC has been continuously enriching the product system of the digital yuan, developing innovative products and functions such as barrier-free accessibility for the elderly and smart contracts, and improving the acceptance environment for the digital yuan to expand coverage and enhance usability. At the same time, the PBOC is also committed to improving the convenience for overseas visitors to use the digital yuan.

Next, the PBOC will carefully implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, grasp the general trend of digital development, continue to steadily promote the research and development and application of the digital yuan, and consolidate the foundation for the development of the digital yuan.

From the research and development pilot programs of the digital yuan, its development has entered a new stage, with greater emphasis on the expansion of application scenarios and the enhancement of service levels, to play a greater role in promoting the development of the digital economy and enhancing people's well-being.

More information about the digital yuan:

The digital yuan is the digital form of legal tender issued by the People's Bank of China, and is the world's first central bank digital currency. Its goal is to improve payment efficiency, reduce payment costs, enhance financial inclusiveness, and provide basic support for building a new digital economy system.

The digital yuan adopts a dual-tier operating system, where the central bank is responsible for issuance and management, and commercial banks are responsible for operation and service.

The digital yuan has the characteristics of anonymity and controllability, which can protect user privacy while effectively preventing money laundering, terrorist financing and other financial risks.

The popularization and promotion of the digital yuan is a significant milestone in China's financial technology development and will inject new vitality into China's economic development, contributing to the high-quality development of the Chinese economy.