Chinese city targets $300 billion in digital yuan transactions in 2023

The Chinese city of Suzhou has unveiled a new plan to promote the digital yuan (e-CNY) adoption seeking to transact about $297 billion worth of the central bank’s currency in 2023. 

The city authorities aim to achieve the goal from digital yuan transactions involving both residents and enterprises, with the targetted value projected to grow sixfold, local Chinese media outlet Shanghai Securities News reported on February 2. 

As of 2022, residents and companies in the populous city reportedly transacted about $50.5 billion in digital yuan. 

According to the publication, under the new plan dubbed “Suzhou Three-Year Action Plan for the Development of Digital Finance Industry (2023-2025)”, the city aims to process about $30 billion worth of digital yuan-powered loans for small and medium enterprises in 2023. 

Furthermore, the city alleged that over 30 million residents downloaded e-CNY wallets in 2022, and another one million companies and government entities are accepting payments in the central bank’s digital currency. 

The city’s ambitious plan compliments the government’s recent efforts to popularise the digital yuan after years of development and research. As reported by Finbold, the government of Shenzhen planned to offer citizens 15 million in digital yuan in its CBDC giveaway back in April. 

Furthermore, the People’s Bank of China (PBOC) believes the digital yuan can promote interconnection between the currency and conventional e-payment technologies. In this case, the institution noted a need for more regulations to help use the digital yuan. Currently, over 15 cities are actively exploring the mass implementation of e-CNY. 

In the meantime, there is growing evidence regarding the digital yuan in use cases such as payments. For instance, the country’s leading online retailers recorded a spike in users paying through the digital yuan during the Chinese new year. 

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.