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Suzhou, China, has announced that over 29.16 million residents now possess digital yuan wallets, as the country’s CBDC initiative continues to gain momentum.
As per a Weibo update from the Suzhou Radio and Television Station, individuals and businesses in Suzhou conducted transactions totaling more than $416,811,390,000 in CBDC during 2023.
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Suzhou: A Model for China’s CBDC?
City officials indicated that CBDC transactions in Suzhou represented 10% of all digital yuan transactions carried out in Jiangsu Province last year.
They noted that 90% of the province’s transaction volume occurred in Suzhou in 2023.
The Suzhou Digital Yuan Pilot and Digital Financial Industry Development Working Conference highlighted that the “relevant indicators” demonstrate the city “ranked first in the province” in 2023.
The city asserted that the “number of active wallets in Suzhou has increased several times compared to 2022.”
Both the city and the broader Jiangsu Province have made notable advancements in CBDC in recent years.
In May 2020, the government of Xiangcheng District in the city announced a plan to begin paying “part” of its employees’ monthly salaries in e-CNY tokens.
The province also gained international attention when the city of Changshu announced that “all public officials and employees of state-owned enterprises” would receive their salaries in digital yuan starting May 2023.
Suzhou, Jiangsu Province, China. (Source: Dagvidur [CC BY-SA 4.0])
Digital Yuan: A Promising Year Ahead for China’s CBDC?
China is pursuing ambitious plans for its CBDC in 2024, both domestically and internationally. Earlier this month, Beijing finalized a cross-border CBDC transaction valued at $13.6 million in the UAE.
This transaction utilized both the Emirati digital dirham and the digital yuan, following extensive cross-border pilot projects in Hong Kong and Macao.
Russia is in discussions with China regarding the potential for loans in Yuan, but no decision has been made yet, stated Russian Finance Minister Anton Siluanov. He emphasized that any actions involving Russian assets abroad will elicit a reciprocal response. https://t.co/JXJRxVVPJY
— NOELREPORTS
![Citizens in Suzhou, China, Establish Over 29.16 Million Digital Yuan Accounts.1]()
(@NOELreports) February 26, 2024
Nonetheless, the growth of digital yuan innovation has also resulted in a rise in CBDC-related scams, as police cautioned in January.
Fraudsters have started developing counterfeit digital yuan applications that mimic the central bank’s official CBDC platforms.
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