China’s central bank digital currency transactions totaled RMB 100 billion ($14 billion) from the start of the e-CNY initiative in December 2019 to the end of August this year, according to the latest figures released by the People’s Bank of China (PBOC), reports the South China Morning Post. While that was up 14% from the RMB 87.6 billion total at the end of 2021, it was well behind the 154% growth rate recorded during the six-month period from June to December 2021, when the PBOC last reported e-CNY data.
The PBOC said adoption of its digital currency continues to progress and that it will continue to carry out research and development “in a solid way,” according to a statement released on Wednesday. The central bank did not provide data about the latest number of e-CNY wallets, which reached 261 million at the end of last year.
Still, total e-CNY transactions as of the end of August—covering trials in 23 cities, including Beijing, Shanghai and Shenzhen—show that China’s official digital currency still has a long way to go before its turnover could be at the level of the country’s top digital payment providers, Ant Group’s Alipay and Tencent Holdings’ WeChat Pay.