Xiamen to pilot digital yuan
The People's Bank of China, the country's central bank, released the third batch of new regions for digital currency, or e-CNY trials recently, including Xiamen in Fujian province.
With multi-dimensional consumption promotion festivals to be held in Xiamen, the digital renminbi is expected to play a vital role in boosting a consumption rebound, serving the livelihood market, and helping create a lively atmosphere for consumption, according to officials from the municipal bureau of commerce and the municipal bureau of financial regulatory.
Currently, the digital renminbi trials have formed a number of replicable application models both online and offline in fields such as retailing, catering, and culture and tourism, with the pilot areas having seen a steady growth of users and merchants, and an increase in transaction scales.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.