A well-known Chinese city, Tianjin, has announced a significant achievement in its adoption of the digital yuan, revealing that since it joined the trial program for the currency in 2022, both people and companies have transacted more than $1.76 billion in total. Local officials disclosed that about 302,000 businesses handled over 14.97 million transactions, indicating the central bank digital currency’s (CBDC) widespread acceptance, according to information from Jinyun News via Enorth.
Along with Chongqing, Guangzhou, Fuzhou, and Xiamen, Tianjin, an important coastal port on China’s northeast coast, joined the digital yuan pilot effort in April of the previous year. City authorities highlighted how the coordinated efforts of several state agencies were essential in advancing the adoption of the digital yuan in the regional economy. Across a number of industries, including grants and subsidies as well as the distribution of financial funds and government contracts, these efforts have produced noteworthy success.
Representatives from Tianjin also disclosed the use of the digital yuan for funding centers for scientific research and development as well as breakthroughs in the information technology sector.
The People’s Bank of China (PBoC), the country’s central bank, remains resolute in its commitment to increasing the adoption of its digital currency even as China struggles with issues relating to the real estate market. The PBoC has decided to promote collaborations with organizations and institutions that need receivers to open CBDC wallets in order to participate in airdrop programs.
The Dongliu Vegetable Market in Ningbo has capitalized on this trend by launching an e-CNY giveaway promotion. With the use of this campaign, customers may get digital yuan coupons to spend at the market. At the vegetable market, some 50 vendors already accept payments in digital yuan. Shoppers will be sent airdrops of digital yuan coupons worth more than $1 apiece over the next two weekends. The event will take place from 6:00 AM to 6:00 PM on the four days of August 19–20 and 26–27. Through the PBoC’s CBDC app, Ningbo consumers who are interested in participating may register.
Eight major banks will also provide instructions on how to set up digital yuan wallets at dedicated booths inside the market as part of this engagement plan. The Dongliu Vegetable Market was founded in 1997 and has a sizable area of 2,700 square meters. Because of its closeness to the city’s thriving commercial sectors, it often attracts the interest of local office employees.
Recently, Ningbo revealed its intentions to give out around $140,000 worth of digital yuan to over 20,000 locals. The PBoC is strategically focusing on the retail and micropayments sectors as the driving forces towards broad adoption. To make this possible, the PBoC has partnered with roughly 200 Hong Kong businesses that predominantly serve Mainland Chinese customers and accept digital yuan transactions. This concentrated effort highlights China’s dedication to leading the way in grassroots digital currency integration.
