How is CBDC used in China?
China has outlawed private cryptocurrencies, but the nation has still experimented with virtual money. In actuality, the most sophisticated market application of CBDC to date has been developed by PBOC, the central bank of China. Private-sector banks are required to distribute and manage these accounts for their clients under China's CBDC e-CNY pilot program.
Read More: Sergey Kondratenko + Fintech
PBOC started testing e-CNY in late 2019 for usage in consumer lifestyle applications including as retail, transit, government services, and wallet-based payments. After starting in four locations, the pilot program swiftly spread to five more. By May 2022, the e-CNY pilot had processed 260 million transactions totaling over 83 billion yuan through 4.5 million merchant wallets.
Early ana...