Business News Report Technology
July 07, 2023

Beijing Prepares for Next-Level Deployment of Digital Yuan

In Brief

Beijing is leading the way in the adoption of the central bank digital currency (CBDC) and is encouraging the digital transformation of the financial industry, while other cities in China are also preparing to adopt the digital yuan for the 2022 Asian Games.

In a recent development, Beijing, China, announced its plans to introduce “new digital yuan application scenarios”. The city aims to be at the forefront of adopting the central bank digital currency (CBDC).

Beijing Prepares for Next-Level Deployment of Digital Yuan

Deputy Director of the Beijing Local Financial Supervision and Administration Bureau, Zhao Wei Jiu, shared these remarks during the Global Digital Economy Conference Digital Finance Forum. According to Zhao, the city intends to support the “digital transformation of the financial industry”.

Being a national financial management center, Zhao stated that Beijing “attaches great importance to the development of digital finance.” The city aims to “promote the pilot application of the digital yuan in more scenarios.” In addition, he discussed the capital’s plan to “continue to promote mobile payment solutions”.

Beijing has been instrumental in the CBDC pilot thus far, giving the world its first glimpse of the coin during the 2022 Winter Olympic Games. Moreover, the capital city plays a significant role in the country’s digital economy drive, with the e-CNY considered a crucial element of this initiative.

Zhao also emphasized the need for “coordinated development” with other cities regarding e-CNY adoption. He mentioned that the city aims to “explore more applications of digital technology in inclusive finance.” The city plans to keep advancing its cross-border financial services development.

Beijing reports that its “digital economy” already contributes to “more than 40%” of its financial output, with its rapidly growing financial industry accounting for “more than 20%”.

About Digital Yuan

Beijing is not the Only Chinese City Aiming to Adopt Digital Yuan While Beijing has ambitious plans for the e-CNY, attention may shift later this year when Hangzhou hosts the Asian Games. The city has already prepared various digital yuan-related showcase events.

Reports suggest that over 10 of the designated hotels accommodating athletes, supporters, and coaches already accept digital yuan payments. Several nearby cities hosting Asian Games events have also been increasing their own adoption efforts.

Wenzhou, set to host the Games’ dragon boat races, says its hotels, transport networks, and major merchants all accept e-CNY payments. The city reports that it has opened 165,100 corporate digital yuan wallets and 4,371,200 personal CBDC wallets to date.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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