Huge digital yuan pilot projects planned for Shanghai development
Shanghai Pudong's new area modernization plan for the digital yuan – China's pilot central bank digital currency (CBCC) – includes several pilot projects with new international business facilities. A document published by the state-run Xinhua news service outlines the five-year plan issued by the Central Committee of the Communist Party of China and the General Secretariat of the State Council.
Under the plan, new authorities will allow Pudong's new area to grow into an international hub. It will have a trade mediation system that is in line with international standards and “convenient” customs practices. Improved supply chain management will enable the free flow of goods through newly constructed port facilities and nearby free trade zones and Shanghai Pudong International Airport.
New educational institutions will have exclusive intellectual property rights for research and development. The plan says world-class medical and educational institutions will attract foreign talent from partner countries in China's Belt and Road Initiative special visa system.
These innovations are said to provide a bright background for digital yuan (such as digital renminbi) applications. The plan includes the following essentials:
“Explore the use of digital renminbi in business settlement, e-commerce payment, carbon trading, green energy trading and other fields, and standardize and expand the use of digital renminbi in fiscal funds.”
In the year By 2027, the document promises “great progress in institutional innovation; [and] It will achieve great results in building a high-level market system and building a new high-level open economic system.
Related: China opens industrial park in Shenzhen for development of CBCC for digital yuan
China is rapidly developing use cases for the digital yuan. It has merged with many foreign banks. He used the digital yuan as an example for gold and petroleum contracts on the Shanghai exchange.
#wagnertonight#MaddowScience break. This is what I like to call the Friday Night Flash. This remote control Triceratops is located in Chuansha New Town, Pudong, Shanghai, China, which is part of the Shanghai Disney Resort. pic.twitter.com/KdnfiNWmge
— Fire Captain and Jack (@Firecaptain16) January 13, 2024
Meanwhile, the Chinese government has criticized crypto again this year and warned against the use of Tether (USDT) and other stablecoins. Crypto mining is also banned in China. Some of the measures taken against crypto miners are quite severe.
US politicians have reacted strongly against China's CBCC. The latest effort by the US Congress to counter the growth of the digital yuan came in November, when Senator Rick Scott introduced the Chinese CBCC Ban Act.
Magazine: Holding the First Digital Yuan Wallet, China's $10B Web3 Fund, Starbucks NFTs: Asia Express
