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Chinese residents make 20K transactions in digital yuan trial event

People in China have conducted nearly 20,000 transactions through e-commerce company in a trial of the country’s digital yuan.

According to local media outlet Global Times, reported that 80% of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency with at least one transaction bigger than $1,527.

As reported by cointelegraph, the e-commerce site also reported the numbers as the city of Suzhou conducted a real-world trial for digital yuan at the “Double Twelve” shopping festival, in which 10,000 physical storefront locations participated.

Cao Yin, managing director of the Digital Renaissance Foundation in Shanghai stated:

“In 2021, China will continue to look for more scenarios to test the digital yuan, but an extensive launch is still unlikely.”

He also added that the Chinese government would likely continue controlled trials until officials are certain the digital currency can be safely issued:

“We have only ourselves to compete with on this matter, and there’s no need to rush it.”

Since launching the digital yuan trials, the central bank has announced it would extend the number of testing cities to include Beijing and Tianjin as well as the surrounding province of Hebei. Cointelegraph reported in August that the bank may launch the digital currency before the 2022 Winter Olympic Games, scheduled to be held in Beijing that February.

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