Digital yuan News: The People’s Bank of China announced on Friday that the total value of digital currency (PBOC) transactions designed by the Chinese central bank reached 34.5 billion yuan ($5 billion) at the end of June.
According to the announcement by the People’s Bank of China, the PBOC has announced that it is the first cryptocurrency to be compatible with smart contracts under the CBDC.
Also, in a report by the Central bank, it announced that the total number of transactions is held in about 21 million personal wallets, and about $70.75 million in corporate wallets.
The central bank announced that the PBOC digital currency will be available for use at the 2022 Beijing Winter Olympics and provided detailed information on this issue.
It was stated that this sporting event has the possibility to pay with PBOC for unmanned vans, self-service vending machines, unmanned supermarkets, Winter Olympics clothing and other wearable devices.
Digital yuan (PBOC) trials began more than a year ago and were initially limited to just four cities (Chengdu, Shenzhen, Suzhou, and Xiong’an) and were only available to select individuals. In the next few years, it aims to increase its usage areas and to be used in all of China.
Unfortunately, there is no detailed information about when this digital currency will be fully released to the market and other details, as it is more of new news.