From Boom Finance

On another note, the Chinese experiment with a CBDC (Central Bank Digital Currency) seems to be failing. The E-Yuan has not been adopted by many citizens. As reported by Reuters, the central bank governor, Yi Gang, recently said that total transactions settled with the E-Yuan (e-CNY) amounted to just 1.8 Trillion Yuan since August last year. Expressed in US Dollars, this is equivalent to only US $ 257 Billion in just under 12 months. The Annual GDP of China is about $US 18,000 Billion. So, this is roughly equivalent to 1.4 % of total GDP transactions.

Yi Gang was attending a meeting on July 19th, organised by the Monetary Authority of Singapore. He also said that e-CNY in circulation accounted for only 0.16% of China’s M0 money supply, or cash in circulation.

These appear to be the cold hard facts concerning the Chinese Central Bank Digital Currency CBDC as reported by the head of the Peoples Bank of China.

So why do so many people in Western financial blogs and in Western mainstream media consistently report that “the Chinese CBDC has terrible social controls and has enslaved the Chinese people”?

BOOM cannot answer that question. But the answer surely involves the current fashion for paranoia and delusion in the West.

The facts tell a completely different story with the dreaded CBDC barely being used. But as the old saying goes – “don’t let the facts get in the way of a good story