China’s central bank has completed the testing phase of the digital renminbi and is expanding its adoption for payments.
This is the first time the People’s Bank of China has included the digital renminbi in the national currency base (cash and personal reserves). e-CNY under appeal at the beginning of 2023 will amount to RMB 13.6 billion, equivalent to $2 billion. e-CNY represents 0.13% of the cash and reserves held by the People’s
Bank of China. This indicates that China’s central bank is moving from the testing phase of the digital renminbi to the phase of expanding its implementation into the payment system.
The CBDC phenomenon, or the digital monetary unit issued by the central bank, is slowly gaining importance. In fact, Treasury Secretary Andrew Griffiths said the British government is considering launching a digital pound.
Griffiths told MPs that the government is moving toward making stevlocoins, digital assets that have a price similar to that of foreign currencies, work. The Treasury Secretary said the issue of digital pounds requires further consideration of the Money and Markets Bill previously passed by the House of
Commons in the UK Parliament.
Recall that the European Central Bank launched a two-year test of the digital euro in July 2021. All results cannot be loaded.