• The city of Suzhou, China has unveiled a plan to increase its digital yuan adoption drive sixfold in 2023.
• The plan includes goals such as processing $30 billion worth of digital yuan-powered loans for small- and medium-sized enterprises.
• Several other cities in China are also pushing for increased digital yuan adoption, with Changsha claiming that 300,000 stores now accept the coin.
City of Suzhou Aims to Increase Digital Yuan Adoption
The city of Suzhou, in China, has unveiled a plan to drastically increase its usage of the central bank’s digital yuan token this year. According to Shanghai Securities News, the city wants to ensure the cumulative total transactions volume increases sixfold before the end of 2023. This includes an ambitious goal set by officials to process some $30 billion worth of digital yuan-powered loans for small- and medium-sized enterprises before the year is out.
Digital Yuan Usage on the Rise
In 2022, individuals and companies in Suzhou transacted a total of around $50.5 billion in digital yuan payments – and this figure is expected to rise significantly this year. At present over 30 million people have downloaded e-CNY wallets across the city, while almost one million businesses and government organs have begun accepting payments with the currency too.
Other Cities Embrace Digital Yuan
Several other cities across China are also promoting their own plans for greater digital yuan adoption – including Changsha where 300,000 stores now accept payments made with the coin. In addition, 17 cities have already been included in a pilot zone for testing out new uses of the currency – with more potentially being added soon.
Web3 & Blockchain Technology Development
Suzhon also hopes to foster startups specializing in blockchain technology – increasing from 400 firms currently up to 1,000 by 2025 – while boosting its Web3 credentials too. This will help support local businesses who want to take advantage of emerging technologies powered by the digital yuan token.
Ultimately officials hope that citizens and local companies will transact a cumulative total of around $297 billion worth of digital yuan this year – demonstrating just how quickly it can be adopted across Chinese cities if given enough resources and incentives from authorities