China’s Digital Currency Surge Continues in Shenzhen

02/17/2023 08:22 • Digital Disruptors • 129 views

It is reported that in 2022, the Shenzhen Central Branch of the People’s Bank of China, together with local governments and operating agencies under its jurisdiction, carried out 73 digital RMB consumption promotion activities, with a total investment of 570 million yuan. By the end of 2022, Shenzhen had opened 28.4075 million digital RMB wallets, 1.299 million landing application scenarios and 37.685 billion yuan of transactions.

Last year, Shenzhen invested 570 million yuan in digital RMB consumption promotion activities

Analysis based on this information:

The government of China has been pushing for digital currency adoption for quite some time, and their efforts are paying off. The latest news coming from Shenzhen reveals that the region’s central branch of the People’s Bank of China recently carried out 73 digital RMB consumption promotion activities. This initiative brought together local governments and operating agencies under its jurisdiction with a total investment of 570 million yuan.

This year-long campaign in Shenzhen has encouraged citizens to adopt digital RMB for everyday transactions, effectively reducing the dependence on traditional fiat currencies. As a result, the city has achieved remarkable results, including the opening of over 28 million digital RMB wallets, the launching of 1.299 million landing application scenarios, and 37.685 billion yuan worth of digital transactions by the end of 2022.

This move towards digital payments is a reflection of China’s steady transformation to a cashless society. It has been reported that a large number of stores and retailers in the city now accept digital RMB payments, thereby reducing the need for physical cash in transactions. Similarly, the government has used incentives such as lottery draws and discounts to get people to engage in digital RMB transactions.

The government’s promotion of digital RMB has also expanded to other parts of the country. During the pilot stage, the digital RMB was tested in Shenzhen, Suzhou, Chengdu, and Xiong’an. This was done to gauge its effectiveness before being rolled out to other parts of the country. The digital RMB is expected to go nationwide in the coming years, offering a more efficient and secure means of payment.

The continued surge of China’s digital currency is a clear indication of the government’s commitment to transforming its monetary system. While China has given no indication of moving away from traditional money altogether, the introduction of digital RMB remains a significant step towards a more flexible, efficient, and secure monetary system.

In conclusion, the growth of digital RMB usage in Shenzhen demonstrates the government’s long-term vision of transforming China’s monetary and financial system. This has been achieved through a comprehensive, year-long promotion campaign that has included incentives and discounts for participants, initiating the widespread use of digital RMB in the region. The communal efforts have created a conducive environment wherein it is easier and more convenient to use digital currencies than traditional fiat currencies.

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China’s Digital Currency Surge Continues in Shenzhen

Last year, Shenzhen invested 570 million yuan in digital RMB consumption promotion activities

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