China has inaugurated its first industrial park dedicated to the development of the digital yuan, commonly known as the e-CNY, in Shenzhen's Luohu area.
China Opens First Industrial Park
China has inaugurated its first industrial park dedicated to the development of the digital yuan, commonly known as the e-CNY, in Shenzhen's Luohu area. The park, which is near Hong Kong, aims to promote the expansion of the central bank digital currency (CBDC) ecosystem.
Payment solutions, smart contracts, hard wallets, and promotional efforts are among the 10 objectives stated by the district government to boost the digital yuan ecosystem. To entice commercial banks and startups, incentives such as rent-free periods, financial support of up to 100 million yuan ($13.7 million), and beneficial loans are being given.
China's digital yuan efforts continue, as the Bank of China has emphasized that all retail wallet providers must support digital yuan payments. Over 5.6 million retailers in 26 cities are already adopting the CBDC in the pilot phase.
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