{"id":49912,"date":"2023-08-18T02:11:12","date_gmt":"2023-08-18T06:11:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/chinas-shanghai-suzhou-eye-more-cbdc-adoption\/"},"modified":"2023-08-18T02:11:15","modified_gmt":"2023-08-18T06:11:15","slug":"chinas-shanghai-suzhou-eye-more-cbdc-adoption","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49912","title":{"rendered":"China\u2019s Shanghai, Suzhou Eye More CBDC Adoption"},"content":{"rendered":"
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The Chinese cities of Shanghai and Suzhou are eyeing more digital yuan adoption progress as the nation tries to drive up interest in its CBDC.<\/p>\n

The central People\u2019s Bank of China (PBoC) recently claimed that almost $250 billion worth of CBDC transactions had been processed in the nation to date.<\/p>\n

But some have noted that this still just accounts for a small fraction of the Chinese economy.<\/p>\n

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As such, some of the nation\u2019s biggest and wealthiest cities are looking at ways to further promote the coin to their residents.<\/p>\n

Per Shanghai Securities News, the Suzhou Municipal Bureau of Commerce this week convened a meeting of its Special Digital Yuan Promotional Committee, as well as eight major banks.<\/p>\n

Attendees examined the progress Suzhou-based bodies have made with e-CNY adoptin thus far and spoke about \u201carrangements for the next stage of digital yuan adoption.\u201d<\/p>\n

The parties agreed on the need to increase publicity, carry out more promotional activities, and create \u201cmore application scenarios\u201d for the coin.<\/p>\n

And they agreed that there was a need to improve the whitelisting system for merchants who wish to begin using the digital yuan.<\/p>\n

This could involve moving away from a retail sector focus and moving toward the wholesale and B2B spaces.<\/p>\n

The parties spoke of the need to speed up the whitelisting process for businesses who need to make or receive \u201chigh-frequency\u201d and \u201cbulk\u201d payments.<\/p>\n

And they added that better \u201corganization, coordination, and communication\u201d could help the pilot advance further.<\/p>\n

China\u2019s Shanghai & Suzhou Want to Boost CBDC Adoption<\/h2>\n

Furthermore, China News reported that the National Development and Reform Commission (NDRC) has also expressed an interest in helping the PBoC, Shanghai, and Suzhou drive up adoption.<\/p>\n

The commission answers to the State Council, one of the most powerful government organs in China.<\/p>\n

The NDRC executes macroeconomic planning functions on a nationwide basis.<\/p>\n

The body recent published a new set of policies that \u201cclearly support\u201d Shanghai and Suzhou\u2019s efforts to \u201cjointly carry out digital yuan pilot projects.\u201d<\/p>\n

The new NDRC policies made mention of the creation of new adoption scenarios in the cities, as well as interoperability solutions.<\/p>\n

Elsewhere, regional Chinese banks are also looking to spur adoption.<\/p>\n

In Huai\u2019an, Jiangsu Province, the local branch of the Bank of Jiangsu held a range of digital yuan promotion events on August 16, including a \u201cnight market\u201d and a fun run.<\/p>\n

JSChina reported that bank staff members instructed attendees on how to use the e-CNY and how to spot financial fraud schemes.<\/p>\n

Earlier this week, the city of Tianjin said this week that it had processed $1.76 billion worth of digital yuan since joining the pilot zone in April 2022.<\/p>\n<\/p><\/div>\n