SHENZHEN, China, October 11, 2023- China opened an industrial park on Wednesday dedicated to the development of the digital yuan central bank digital currency (CBDC) in the southern city of Shenzhen.1
The park in the Luohu district is home to nine companies developing digital yuan-related products and services, including payment solutions, smart contracts, and tricky wallets.
The Shenzhen Municipal Government said that the park is part of its efforts to promote the development of the digital yuan and to create a “digital yuan ecosystem.”
The digital yuan, also known as the e-CNY, is a pilot project launched by the People’s Bank of China (PBOC) in 2019. The CBDC is currently being tested in 26 cities across the country.
The PBOC has been developing the digital yuan for several years and is seen as a potential rival to the US dollar. The digital yuan is designed to be more efficient and secure than traditional fiat currencies, and it is also seen as a way to reduce China’s reliance on the US dollar.
The opening of the digital yuan park in Shenzhen is a sign of China’s commitment to developing its CBDC. Shenzhen is a major financial hub in China, home to some of the country’s leading technology companies.
The digital yuan park is expected to play a key role in developing the digital yuan ecosystem. The companies based in the park will be able to collaborate with the PBOC to develop new products and services related to the digital yuan.
The development of the digital yuan is still in its early stages, but it is a significant development in the global financial landscape. China is one of the leading countries in the world regarding CBDC development, and its success with the digital yuan could have a major impact on the global financial system.
- CBDC Development: China Inaugurates First Industrial Park For Digital Yuan Development In Shenzhen – Forbes India[↩]
