{"id":32492,"date":"2023-07-07T02:53:20","date_gmt":"2023-07-07T06:53:20","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/beijing-to-debut-new-cbdc-application-scenarios\/"},"modified":"2023-07-07T02:53:22","modified_gmt":"2023-07-07T06:53:22","slug":"beijing-to-debut-new-cbdc-application-scenarios","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32492","title":{"rendered":"Beijing to Debut \u2018New CBDC Application Scenarios\u2019"},"content":{"rendered":"
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Beijing, China, says it will introduce \u201cnew digital yuan application scenarios,\u201d and wants to take the lead in the adoption of the central bank digital currency (CBDC).<\/p>\n

Per the Securities Times, the comments were made by Zhao Wei Jiu, the Deputy Director of the Beijing Local Financial Supervision and Administration Bureau.<\/p>\n

Zhao was speaking at an event named the Global Digital Economy Conference Digital Finance Forum.<\/p>\n

He claimed that Beijing intended to aid the \u201cdigital transformation of the financial industry.\u201d<\/p>\n

Zhao said that \u201cas a national financial management center,\u201d the Chinese capital \u201cattaches great importance to the development of digital finance,\u201d and wants to \u201cpromote the pilot application of the digital yuan in more scenarios.\u201d<\/p>\n

He also spoke of the capital\u2019s intention to \u201ccontinue to promote mobile payment solutions.\u201d<\/p>\n

Beijing has played a key role in the CBDC pilot thus far and showcased the coin to the world for the first time during the 2022 Winter Olympic Games.<\/p>\n

The capital is also a driving force in the nation\u2019s digital economy drive, with the e-CNY seen as the initiative\u2019s key component.<\/p>\n

Zhao spoke of the need to \u201ccoordinate development\u201d efforts with other cities\u2019 e-CNY adoption efforts.<\/p>\n

And he said the capital would \u201cexplore more applications of digital technology in inclusive finance.\u201d<\/p>\n

He said that the city would also continue to press ahead with cross-border financial services development.<\/p>\n

The city says that its \u201cdigital economy\u201d already accounts for \u201cmore than 40%\u201d of its financial output, with its fast-growing financial industry accounting for \u201cmore than 20%.\u201d<\/p>\n

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Beijing Not the Only Chinese City Aiming to Adopt Digital Yuan<\/h2>\n

Despite the capital\u2019s e-CNY ambitions, the spotlight will likely move away from the capital later this year when the city of Hangzhou hosts the Asian Games.<\/p>\n

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Hangzhou has already prepared a range of digital yuan-related showcase events.<\/p>\n

And Wenzhounet (via 66WZ) reported that over 10 of the designated hotels that will accommodate athletes, supporters, and coaches already accept digital yuan payments.<\/p>\n

A number of nearby cities that will also host Asian Games events have also been stepping up their own adoption efforts.<\/p>\n

Wenzhou, which will host the Games\u2019 dragon boat races, says its own hotels, transport networks, and major merchants all accept e-CNY payments.<\/p>\n

The city said a total of 165,100 corporate digital yuan wallets have been opened thus far in Wenzhou, as well as 4,371,200 personal CBDC wallets.<\/p>\n<\/p><\/div>\n