China’s Digital Yuan Soars Past $5.3 Billion in Transactions As Bitcoin Plummets

Today, the People’s Bank of China (PBOC) announced the country’s digital currency, e-CNY, has surpassed more than $5.3 billion (34.5 billion yuan) in transactions amid increased restrictions on the mining and usage of cryptocurrencies like Bitcoin.

That amount was spread across more than 70.7 million transactions, PBOC said, between the 20.8 million individuals and 3.5 million businesses with e-CNY wallets. Those numbers might seem low compared to China’s population of 1.4 billion people, but the digital currency is still being tested ahead of its official debut.