Expanding the Use of China’s e-CNY

China’s digital currency, the e-CNY, is the world’s largest, longest running and most ambitious Central Bank Digital Currency pilot. Its scale and ambition are huge, as shown by the Governor of the People’s Bank of China (PBOC) who, speaking at a Monetary Authority of Singapore conference, revealed that the e-CNY has had over $250 billion in transactions in its first 18 months since launch.

This was achieved through 950 million transactions from 120 million wallets. It may only account for two-tenths of one percent of M0, but steady progress is being made. JD.com Inc, an e-commerce giant in China, reported that it saw a 216% year-on-year increase in e-CNY users during June’s ‘618’ shopping festival. It has seen a 254% increase year-on-year in the number of transactions.