Bloomberg: China’s digital yuan pilot program is picking up speed

Yi Gang, governor of the People’s Bank of China, said a pilot program on the rollout of a digital currency in four cities has been smooth, according to Bloomberg on Nov.2.

Yi Gang, Governor of the PBoC

Over 4 million transactions totaling more than 2 billion yuan ($299 million) in the digital currency so far, Yi said at the Hong Kong Fintech Week conference on Monday.

Growth in demand for digital and contactless payment methods amid the coronavirus pandemic have posed major challenges for central banks, as they try to juggle user security with convenience, Yi said.

Financial services in remote areas have been bolstered by new technologies, the governor explained, including microloans and risk management, which plays into how the China is looking to spread the digital currency.

As AZCoin News recently reported, The PBoC has published a draft law for public comments that prohibits units or individuals from issuing digital tokens to ward off risks associated with virtual currencies.

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