China’s digital yuan pilot project is accelerating, with the processing for a $300M fund has reportedly been completed, per insights disclosed by the governor of China’s central bank. 

Specifically, governor Yi Gang reportedly revealed that a significant number of four million transactions – equivalent to over 2 billion yuan ($299 million) – have reportedly been finalized by the digital yuan pilots up to now. 

Per Yi, the pilots have been operating without any major issues occurred, and will move on with its expansion plan for testing across four different suburban areas. 

The rising demand in digital and contactless payment measures during the ongoing global health crisis has reportedly presented a CBDCmajor obstacle for central banks, as they put in extensive efforts to balance out user security and convenience. 

Fintech firms reportedly possess a few distinctive benefits compared to commercial banks, regarding establishing a customer base and risk management. 

The PBoC reportedly initiated its first pilot  for its forthcoming digital yuan back in April this year, available throughout four major cities – Shenzhen, Chengdu, Suzhou and Xiongan. The project scope was reportedly widened to cover nine cities in total, including Guangzhou, Hong Kong and Macau.

In October 2020, the PBoC officially disclosed the digital yuan wallets finalized the transactions for $162 million, during the period of April through to August this year.