Share this article
China's CBDC Transactions Reach $14B as Uptake Slows: Report
Transaction volume in e-CNY has only increased by 14% in 2022 from the end of last year compared with the 154% growth recorded in the last six months of 2021.
Updated Oct 13, 2022, 2:55 p.m. Published Oct 13, 2022, 10:45 a.m.
Make us preferred on Google
China's central bank digital currency (CBDC) reached the milestone of 100 billion yuan (US$13.9 billion) worth of transactions amid a slowdown in uptake, South China Morning Post (SCMP) reported Thursday, citing People's Bank of China (PBOC) data.
This year, transaction volume in China's e-CNY has increased by 14% from the 87.6 billion yuan ($12 billion) recorded at the end of 2021, which is a big decrease when compared to the 154% growth seen between June and December of last year.
STORY CONTINUES BELOW
The PBOC did not provide an update on the number of e-CNY wallets opened, which reached 261 million at of the end of 2021, the report said.
The 100 billion yuan figure is also dwarfed by the volumes recorded by the country's top payment providers such as Tencent's WeChat Pay and Ant Group's Alipay. The latter, for example, processed payments worth 118 trillion yuan ($16.4 trillion) in the 12 months ending in June 2021, according to the SCMP's report. Ant Group is the fintech affiliate of Chinese e-commerce giant Alibaba, which also owns the SCMP.
China's e-CNY is being rolled out on a trial basis across the country, with 23 cities including Beijing, Shanghai and Shenzhen now covered, the report said.
The central banks and governments of almost every major economy around the world have signaled intent to explore the development of a CBDC, partly in response to the rise in the use of cryptocurrencies and with one eye on China's ambitions in this area.
Read more: China to Extend CBDC Trial to Most Populous Province, Guangdong, Three Others: Report
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
