It can be said that nowadays, urban society in mainland China is almost ‘cashless society‘ already completely.
Most spending is as simple as ‘beep‘ Scan the QR code through the Alipay and Wechat Pay service provider platforms on your smartphone, even the bicycle parking toll collectors. To the donation box in the temple is the same. It’s easy to say that leaving the house, only carrying one mobile phone is enough.
But… China’s FinTech advancement doesn’t just stop with the use of e-Wallets. ‘Digital Yuan’ It’s been through my ears for a while.
Let’s review and get to know ‘Digital Yuan’ again ‘Digital Yuan’ Also known as e-CNY for short. is a digital version of the yuan issued by the People’s Bank of China. (The People’s Bank of China: PBOC) that can legally settle debts like cash. To create an alternative for the public to use as a medium for payment of goods and services. And circulating in the economy along with the yuan in its original form. (banknotes and coins) and the development of the ‘digital yuan’ is also one of the priority tasks in China’s 14th National Economic and Social Development Plan (2021-2025).
beginning of ‘Digital Yuan’ Happened in 2014, the People’s Bank of China has started the project. It took more than five years of research and development until the end of 2019 to bring the ‘Digital Yuan’ to 4 pilot sites in Shenzhen. (Guangdong Province) Suzhou City (Jiangsu Province) Song’an New Area (Hebei Province) and Chengdu City (Sichuan Province) and has expanded the trial use point. ‘Digital Yuan’ added many areas later.
Most recently, at the end of 2022…
Read the rest of this article here >>> The central government has given the green light to two cities in Guangxi. as a pilot point ‘Digital Yuan’ with ASEAN