China Expands its Digital Yuan Pilot Program to More Cities

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China Expands its Digital Yuan Pilot Program to More Cities

The deployment of the digital yuan is getting closer to being a reality, and further cities in China will be included to the trial program.

According to the publication Workers’ Daily, the city of Jinan, which is located in the province of Shandong, will be included in the experimental project. Kunming, the capital of Yunnan Province, and the cities of Nanning and Fangchenggang, all located in the Guangxi Zhuang Autonomous Region, will also participate in the pilot. Additionally, the Xishuangbanna Dai Autonomous Prefecture will be included into the region.

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This latter region is a self-governing prefecture for people of Dai ethnicity and is found in the most southern part of Yunnan Province.

As a result of the relocation, the pilot will be using technology that is new to them. The first group of pilot cities, which were located in the eastern part of the nation and included powerhouses in the fields of information technology and finance such as Shanghai and Beijing, Yunnan’s economy is far more traditional. Tobacco manufacturers, agricultural businesses, mining concerns, and tourist businesses make up the province’s most important economic sectors.

The province of Guangxi, which shares a border with Vietnam, is well-known for its mineral deposits as well as its rice production.

Jinan, on the other hand, is a significant rail hub and an emerging industrial city in the province of Shandong. Another region of China that draws a lot of visitors owing to its breathtaking natural scenery is this province.

On several e-commerce platforms, introductory freebies have also been made available to customers. Lucky draw participants in the new test cities have the opportunity to win digital yuan tokens worth more than $11 if they download wallets on their mobile devices. These lucky draw participants are located in the new pilot cities.

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A Global Arena for the Use of the Digital Yuan

At the end of the previous month, political authorities in Mainland China and Hong Kong dropped hints that the two regions will soon jointly begin the first cross-border pilot project for the digital CNY. In addition, the online payment network Alipay and the online shopping site Taobao both announced earlier this month that they will begin integrating digital CNY elements.

The organizers of the Asian Games of the next year – which will take place in Hangzhou from September to October 2023 – are also making preparations to display the symbol to a more widespread international audience. In the beginning of this year, those taking part in the Beijing 2022 Winter Olympics, including athletes, coaches, and media representatives, were the first people from across the world to try out the digital yuan in its physical form.

During the event, “Hard” digital yuan wallets were made available to attendees, and all of the shops and restaurants in the Olympic village were outfitted to only take payments either in electronic Chinese yuan or using Visa cards. A situation quite similar to this one is already being planned for the following year in Hangzhou, which is where it is anticipated that foreign spectators will be welcomed for the very first time since the coronavirus outbreak.

The organizers of the Hangzhou 2023 Events launched a new line of “hard” (offline) wallets in the shape of wristbands with the mascots of the games last week.

In China, people may alternatively refer to the coin as the DC/EP or the DCEP.

Compiled by Coinbold

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