China’s central bank digital currency (CBDC), known as the digital yuan, is becoming more popular not only within China but also in nearby regions. In the past year, it has facilitated transactions worth $249.33 billion. Yi Gang, the Governor of the People’s Bank of China (PBoC), shared this remarkable information during a conference in Singapore.

It should be noted that the amount of digital yuan transactions had increased significantly since last August when it was only 100 billion yuan. This shows that many people use the digital yuan for everyday payments, making it an essential part of China’s economy.

Yi Gang shared some exciting updates on the digital yuan’s growth. As of June, around $2.3 billion worth of digital yuan is in use, which might seem small compared to China’s total cash circulation (M0), making up just 0.16% of it.

Despite the modest amount, a whopping 950 million transactions and 120 million digital wallets have been created. This shows that people are finding it quite helpful and efficient.

The People’s Bank of China (PBoC) has been actively forming partnerships and integrations to expand the digital yuan’s use further. This can be witnessed by the collaboration with China Merchants Bank and Civil Aviation Administration, which has led to a platform enabling businesses to pay for airline tickets using the digital yuan.

Promoting Digital Yuan in Hong Kong: “Cross-Border Shopping Festival” for Summer Tourists

Chinese banks, airlines, and merchants are now making it easy for people to use the digital yuan during summer vacations. The Bank of China (Hong Kong) launched a fantastic “Cross-Border Shopping Festival” on July 18. It is a fantastic opportunity for folks from Mainland China to use the digital yuan at over 200 stores in Hong Kong to pay for all the goodies and services they want. So, no need to worry about carrying cash or dealing with exchange rates.

Hence, this move aims to promote the digital yuan and make transactions more convenient for tourists. It is part of China’s efforts to integrate the digital yuan into various aspects of daily life and boost its domestic and international acceptance.

During July and August, there is a “Cross-Border Shopping Festival” happening in Hong Kong. It’s a great time for tourists from Jiangsu, Guangdong, and Shenzhen to join in the fun. Visiting during this period might get special rewards like red envelopes with digital yuan inside.

This is to encourage tourists to use digital currency for their purchases and make their shopping experience even more enjoyable. It is also worth noting that the Deputy General Manager of the Digital Currency Special Working Group of Bank of China Hong Kong stated that local merchants are eagerly upgrading their payment systems to offer digital yuan services to tourists from across borders.

This means that multiple businesses are working to accept the digital renminbi as a form of payment. It’s a positive sign that the digital yuan is gaining popularity and becoming more accessible to Hong Kong tourists.

With these improvements, travelers will find it easier to use digital currency for their purchases and enjoy a smoother shopping experience during their trips.

Digital Yuan Adoption

According to Chinese media reports, the Civil Aviation Administration of China and China Merchants Bank have recently teamed up to create an online platform for booking air tickets using digital yuan payments. This collaboration is part of their efforts to encourage the adoption of the digital economy.

By accepting the digital RMB as a payment option, they hope to make it more convenient for travelers to use digital currency for their flight bookings. Moreover, they aim to explore further applications of the digital yuan in various civil aviation industries.

This move clearly shows the government’s commitment to advancing digital currency and integrating it into everyday services, making transactions faster and more accessible for people. The Chinese government also intends to promote the digital yuan during the Chengdu Grand Games 2023, a multi-sport event for university students worldwide.

The games will occur in China’s Sichuan province from July 28 to August 8, 2023. This move is part of their efforts to raise awareness and encourage more people, including international visitors, to use digital currency.

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