{"id":48498,"date":"2023-08-15T03:40:43","date_gmt":"2023-08-15T07:40:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tianjin-china-has-processed-1-76b-worth-of-cbdc\/"},"modified":"2023-08-15T03:40:45","modified_gmt":"2023-08-15T07:40:45","slug":"tianjin-china-has-processed-1-76b-worth-of-cbdc","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48498","title":{"rendered":"Tianjin, China, Has Processed $1.76B Worth of CBDC"},"content":{"rendered":"
\n

The Chinese city of Tianjin says residents and businesses transacted a cumulative total of over $1.76bn worth of CBDC since it joined the digital yuan pilot in 2022.<\/p>\n

Per Jinyun News, via Enorth, city officials claimed that some 302,000 merchants had processed the aforementioned amount in 14.97 million transactions.<\/p>\n

The city, a key port on the northeast coast, was added to the pilot in April last year along with Chongqing, Guangzhou, Fuzhou, and Xiamen.<\/p>\n

The city stated that many state departments had \u201cworked together to promote the digital yuan pilot.\u201d<\/p>\n

The departments claimed to have made \u201cmade positive progress in many sectors.\u201d<\/p>\n

Authorities added that they had \u201cexplored the application of the digital [yuan] in the fields of financial fund distribution, government tenders, grants, and subsidies.\u201d<\/p>\n

Tianjin city representatives also claimed that the digital yuan was being used to issue funding to scientific R&D centers and IT innovations.<\/p>\n

<\/oembed><\/figure>\n

Central Bank Targets CBDC Retail Sector Growth<\/h2>\n

Meanwhile, amid news of a worsening Chinese property price \u201ccrisis,\u201d the central People\u2019s Bank of China (PBoC) appears keen to forge ahead with promotional efforts for its coin.<\/p>\n

The PBoC wants to spur adoption.<\/p>\n

And it has favored partnerships with banks and businesses that require would-be airdrop recipients to open CBDC wallets.<\/p>\n

In the city of Ningbo, the city\u2019s iconic Dongliu Vegetable Market has announced an e-CNY giveaway that will allow shoppers the chance to receive digital yuan coupons they can use at the market.<\/p>\n

Some 50 merchants at the vegetable market already accept digital yuan payments.<\/p>\n

And airdrops worth upwards of $1 will be distributed to shoppers at the market over the next two weekends.<\/p>\n

The event will run on the weekends August 19-20 and 26-27, from 6:00 to 18:00 on all four days.<\/p>\n

Shoppers in the city, Chanjiang Daily reported, can register their interest via the PBoC\u2019s CBDC app.<\/p>\n

Eight major banks will also show shoppers how to open digital yuan wallets at special booths at the market this month.<\/p>\n

Dongliu Vegetable Market was established in 1997, and covers an area of some \u200b\u200b2,700 square meters.<\/p>\n

The market is traditionally popular among Ningbo office workers, as it is located near the city\u2019s busiest business districts.
\u00a0<\/p>\n

Ningbo announced last month that it intended to hand out around $140,000 worth of coins to some 20,000 residents.<\/p>\n

The PBoC believes that the micropayments and retail sectors are the key to an adoption breakthrough.<\/p>\n

To this end, it has partnered with some 200 digital yuan-accepting merchants in Hong Kong, which cater primarily to Mainland Chinese shoppers.<\/p>\n<\/p><\/div>\n