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.
The Say No to the Silk Road Act stems from not only the well-known privacy concerns around the Chinese CBDC, but also from worries it could be a tool to evade sanctions.
The country is close to approving trials of the central bank digital currency in a number of cities and regions; bitcoin and ether drop as risk-on appetite fades.