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East China’s Jiangsu province has made many first attempts to enrich the e-CNY"s application scenarios ever since the People"s Bank of China, the country"s central bank, announced in early April last year a list of 11 cities joining the trial use of the digital yuan. Digital RMB is the legal tender in digital form.
At the Changzhou Public Resource Trading Center, Hongxin Tiande Engineering Consulting Co., Ltd. distributed evaluation fees in the form of digital RMB to five experts participating in the renovation project of an old residential area in the local area, marking the first time that local public resource transactions have achieved digital RMB settlement.
“During the payment process, the central bank delivers directly without transaction fees. After activating the function, there is also a batch payment template, which is similar to bank card transfers,” said Wu Chuanqi, Head of Hongxin Tiande Engineering Consulting Co., Ltd. Changzhou Branch.
“In the next step, the trading center will actively promote the construction of digital RMB scenarios in government procurement and deposit payment, providing more convenient digital services for market entities,” said Liu Wei, Deputy Director of the Planning and Finance Department of Changzhou Public Resource Trading Center.
According to statistics from the Provincial Government Office, more than 10 public resource trading centers in the province have started trial use of digital RMB, with over 5500 applications and more than 1.4 billion yuan in settlement amounts.
At the end of last year, Jiangsu began expanding its e-CNY pilot program from Suzhou to the entire province in more application scenarios in fields such as retail payments, public services, and inclusive finance.
Suzhou has achieved the country’s first electricity bill settlement of one billion yuan in digital RMB, and Changshu City has implemented full payment of wages in digital RMB for civil servants, public institutions, and personnel of state-owned enterprises at all levels in the city.
Wuxi has promoted the scenario application of digital RMB in the field of technology and financial services. Nanjing, Taizhou, Xuzhou, and Yancheng have promoted the use of digital RMB payment through the issuance of coupons in transportation, medical settlement, and tourism shopping scenarios.
Statistics show that since the launch of the pilot program in the province, a total of 4.385 million personal wallets and 374 thousand corporate wallets have been opened, with an increase of 256 thousand merchants accepting digital currencies, totaling 201.91 billion yuan in circulation business.