PANews reported on October 28th that CCTV News, according to information from the People's Bank of China, has learned that after years of steady progress, the digital RMB ecosystem has been initially established, with innovative applications and use cases continuing to deepen. As of the end of September 2025, the cumulative transaction volume in pilot regions reached 14.2 trillion yuan. Currently, the digital RMB pilot program covers 26 regions in 17 provinces (autonomous regions, and municipalities), and has established a replicable and scalable application model in areas such as wholesale and retail, public services, social governance, and rural revitalization. As of the end of September 2025, the pilot regions had processed a total of 3.32 billion transactions, and 225 million personal wallets had been opened through the digital RMB app.PANews reported on October 28th that CCTV News, according to information from the People's Bank of China, has learned that after years of steady progress, the digital RMB ecosystem has been initially established, with innovative applications and use cases continuing to deepen. As of the end of September 2025, the cumulative transaction volume in pilot regions reached 14.2 trillion yuan. Currently, the digital RMB pilot program covers 26 regions in 17 provinces (autonomous regions, and municipalities), and has established a replicable and scalable application model in areas such as wholesale and retail, public services, social governance, and rural revitalization. As of the end of September 2025, the pilot regions had processed a total of 3.32 billion transactions, and 225 million personal wallets had been opened through the digital RMB app.

The cumulative transaction amount in the digital RMB pilot areas reached 14.2 trillion yuan

2025/10/28 19:51

PANews reported on October 28th that CCTV News, according to information from the People's Bank of China, has learned that after years of steady progress, the digital RMB ecosystem has been initially established, with innovative applications and use cases continuing to deepen. As of the end of September 2025, the cumulative transaction volume in pilot regions reached 14.2 trillion yuan. Currently, the digital RMB pilot program covers 26 regions in 17 provinces (autonomous regions, and municipalities), and has established a replicable and scalable application model in areas such as wholesale and retail, public services, social governance, and rural revitalization. As of the end of September 2025, the pilot regions had processed a total of 3.32 billion transactions, and 225 million personal wallets had been opened through the digital RMB app.

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The Beijing Procuratorate announced a case of illegal USDT cross-border foreign exchange transactions involving over 1.1 billion yuan.

The Beijing Procuratorate announced a case of illegal USDT cross-border foreign exchange transactions involving over 1.1 billion yuan.

PANews reported on October 29th that, according to a report by 21st Century Business Herald, on October 28th, the Beijing Municipal People's Procuratorate released "Typical Cases of High-Quality and Efficient Performance of Financial Procuratorial Duties" (2024-2025). One case involved "using virtual currency to indirectly buy and sell foreign exchange, involving over 1.1 billion yuan." Between January and August 2023, Lin Jia, under the instruction of others, colluded with Lin Yi, Xia, Bao, and Chen to use multiple bank cards under their names to receive large amounts of RMB funds transferred from clients (such as Liu) connected to the "upstream" of an illegal currency exchange organization. This gang used virtual currency as a "bridge" to achieve the illegal purpose of cross-border fund transfers: Lin Jia and others converted the received RMB into USDT through multiple USDT trading platform accounts they actually controlled, and then completed the cross-border fund transfer through platform transactions, essentially engaging in disguised foreign exchange trading and profiting from it. According to the report, the total illegal business activities of the gang amounted to over 1.182 billion yuan, of which five members, including Xia and Bao, participated in activities ranging from over 149 million yuan to over 469 million yuan. On March 21, 2025, the Haidian District People's Court of Beijing issued a first-instance verdict, sentencing all five defendants to prison terms ranging from two to four years for the crime of illegal business operations, and imposing corresponding fines.
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2025/10/29 09:42