in Suzhou City, ChinaIts residents and local firms are expected to make a total cumulative transaction value of approximately $297 billion to the central bank digital yuan Token this year.
Per Shanghai Securities News, the city – one of the most populous and wealthiest in China – has revealed a new plan for its digital yuan adoption drive. The plan includes several targets that are expected to be met by 2025.
The city made it clear that it wants to ensure that the city’s cumulative transaction volume increases sixfold before the end of the year.
And the city said individuals and companies in the city will conduct approximately $50.5 billion in transactions in 2022.
The city’s ambitious goals include setting up a plant to process about $30 billion worth of digital yuan-operated loans for the city’s small and medium-sized enterprises before the end of the year.
The city revealed its plan at a special ceremony in front of several high-ranking central government officials.
The city said that more than 30.54 million people in Suzhou had downloaded the e-CNY wallet in 2022.
It also claimed that nearly a million Suzhou-based companies and government organs have started accepting digital yuan payments.
Chinese cities set ambitious digital yuan goals
The plan also detailed the city’s intention to promote its blockchain technology and Web3 credentials.
Currently, there are fewer than 400 local companies specializing in digital finance, blockchain technology, and the like. But Suzhou officials said they want to encourage startups to increase that number to 1,000 by 2025.
It appears that Chinese cities are trying to outdo each other in their drive to adopt the digital yuan — and demonstrate their enthusiasm for the coin. Earlier this week, Changsha in Hunan Province, Claims that over 300,000 stores and vendors in the city now accept digital yuan payments,
Seventeen cities have already been included in the pilot area, with a few more expected to be added in the coming months. Wuhan city has been Named as a possible candidate in recent weeks,
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