• The city of Suzhou, in China, has outlined a plan to increase digital yuan adoption by 2025.
• The plan includes goals for individuals and companies in the city to transact a total of around $297 billion worth of digital yuan by the end of 2023.
• The city is also aiming to process some $30 billion worth of digital yuan-powered loans for small- and medium-sized enterprises before the end of the year.
Suzhou Aims to Increase Digital Yuan Adoption
The city of Suzhou, in China, has unveiled plans that it hopes will increase its adoption rate of the central bank’s digital yuan token this year. According to reports from Shanghai Securities News, the wealthy and populous city has outlined a range of goals it hopes to meet by 2025 – including increasing its cumulative transaction volume sixfold by 2023.
Goals for Digital Yuan Adoption
The plan includes goals for both individuals and local firms in Suzhou who are hoping to transact a total of around $297 billion worth of digital yuan by the end of this year. Additionally, the city wants to ensure that some $30 billion worth of digital yuan-powered loans are processed for small- and medium-sized enterprises before December 2021.
Adoption Already Growing In Suzhou
Already, over 30 million people have downloaded e-CNY wallets since 2022 began – with almost 1 million local companies and government organs now accepting payment via digital yuan tokens. Furthermore, fewer than 400 businesses specialize in fields such as blockchain technology or digital finance – though Suzhou officials hope that number increases to 1,000 before 2025 arrives.
Other Chinese Cities Follow Suit
Other cities across China have also set ambitious targets when it comes to their own individual drives for greater adoption rates – with Changsha recently claiming that more than 300,000 stores now accept payments via digital yuan tokens. Currently 17 cities have been included in the pilot zone so far – with Wuhan touted as another possible candidate shortly.
It appears clear that many Chinese cities are vying against each other when it comes to exhibiting their commitment towards increased adoption rates for China’s own central bank currency token – with many hoping they can achieve even greater heights come 2025.