Tianjin, China, Says It Has Processed $1.76bn Worth of Digital Yuan – CBDC Progressing

August 17, 2023

By Sharan Kaur Phillora

Tianjin, one of China’s pivotal port cities in the northeast, has announced that since its induction into the digital yuan pilot program in April 2022, residents and local businesses have transacted a staggering total of $1.76 billion in China’s Central Bank Digital Currency (CBDC). 

Here’s what we know:

This information, relayed by Jinyun News and Enorth, highlights that approximately 302,000 merchants have been involved in close to 15 million transactions, thereby endorsing the CBDC’s growing acceptance.

The digital yuan initiative in Tianjin has been a collaborative effort. Several state departments have joined forces to champion its cause, leading to considerable advancements across numerous sectors. 

Officials have even begun to explore the CBDC’s utility in areas such as financial fund allocation, government tender processes, and the distribution of grants and subsidies. Additionally, Tianjin representatives have indicated that the digital yuan is being channeled to fund IT innovations and scientific research and development centers.

Amidst the backdrop of a looming property price dilemma in China, the central People’s Bank of China (PBoC) is intently focused on enhancing the popularity and reach of its digital currency. Emphasizing the importance of adoption, the PBoC has been forming alliances with various banks and commercial entities. These partnerships emphasize urging potential beneficiaries to adopt digital yuan wallets.

This enthusiasm for the digital yuan is mirrored in the city of Ningbo. Its renowned Dongliu Vegetable Market, spanning 2,700 square meters and favored by the city’s office-going populace, has declared an electronic yuan giveaway. Scheduled for the weekends of August 19-20 and 26-27, this initiative promises shoppers digital yuan coupons redeemable at the market. 

With 50 merchants already accepting the CBDC, the market plans to incentivize buyers with airdrops exceeding $1. For the interested, a simple registration on the PBoC’s CBDC application suffices. Adding to the experience, eight leading banks have committed to guiding shoppers in setting up their digital yuan wallets via dedicated stalls this month.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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