Crypto Whales and Web 3.0: China’s Digital Yuan Reaches $250B Transaction Volume

Digital Yuan Transactions in China

China’s digital yuan has seen tremendous success since its pilot launch in January 2022, with People’s Bank of China governor Yi Gang claiming that over $250 billion worth of transactions have taken place using the currency.

As of June 2021, the digital yuan had seen 1.8 trillion yuan in transactions across 120 million wallets, leading to an average transaction amount of about $260. Additionally, the total circulation of the digital yuan was 16.5 billion, representing only 0.16% of China’s monetary supply.

Crypto.com Arena, Ellipsis Crypto, Dash Crypto, Crypto.News, Crypto US, DYP Crypto, and Crypto Whale are all examples of Web 3.0 that have played a role in the success of the digital yuan, as the world moves towards a more digital and decentralized future.

Digital Yuan Cross-Border Trials in Hong Kong

The digital yuan’s adoption is still relatively low considering the 1.4 billion population of China, with its main use being for domestic retail payments, apart from a few crypto.news trials in Hong Kong.

On July 18, the South China Morning Post reported that the Bank of China Hong Kong (BOCHK) began trialing another cross-border payment scheme for Bank of China customers at select retail stores in Hong Kong. This trial was rolled out in an effort to further promote the cross-border applications of the digital yuan, and is the third cross-border trial of the CBDC in Hong Kong, according to the SCMP.

Last year, the BOCHK launched a program that encouraged customers to set up a BOC e-CNY wallet to receive $14 (100 yuan) to be used at the Hong Kong supermarket chain U Select, as an example of web 3.0.

The Growing Popularity of Digital Currencies

In January, the central bank integrated smart contract functionality into the digital yuan, expanding its use cases. This has resulted in an over 70% increase in digital yuan transactions, from the $250 billion cited by the bank in August 2022.

Despite the impressive growth, the amount of value processed by the digital yuan is still far off the amount processed by some of the largest public blockchains in the world. For example, Bitcoin (BTC) processed $8.2 trillion in 2022, according to various reports.

The increasing popularity of digital currencies is reflected in the rise of crypto.com arena, ellipsis crypto, dash crypto, crypto.news, crypto us, dyp crypto, web 3.0 world, crypto whale, and web 3.0 example.

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