At the beginning of 2022, the second stage of testing the digital yuan started in China. Many technology companies, as well as retail chains, have become participants in CBDC trials. According to the People’s Bank of China, the volume of transactions using the token exceeded 100 billion yuan ($14 billion) already at the pilot stage. Thus, the Chinese national digital currency has become the most widely used in the world. No other CBDC project has been able to show a more impressive result.
By the end of summer 2022, the number of transactions with CBDC in 15 provinces of China reached 360 million. More than 5.6 million outlets support the digital yuan. Some government agencies can also use PRC digital currency. The first trials of the token began in April 2020. The Central Bank of China plans to completely oust cash from circulation so that citizens of the country and companies use only digital currency.
