Spending with China's digital yuan around $300m, PBOC says

China's version follows a two-tier approach, with the PBOC issuing the digital yuan but commercial banks and big tech companies having a role in distributing it to consumers.

HONG KONG: More than 2 billion yuan ($299.07 million) has been spent using China's new digital currency so far in 4 million separate transactions, Yi Gang, the governor of the People's Bank of China (PBOC), said on Monday.

China's digital yuan is one of the most advanced central bank digital currency (CBDC) initiatives underway around the world, as authorities globally respond to the threat from private currencies such as bitcoin or Facebook's Libra.