SOURCE / ECONOMY
South China’s Hainan pilots digital currency
Published: Apr 08, 2021 02:33 PM
Residents who received red packets of digital RMB use the money in stores in Shenzhen, Guangdong Province, on Wednesday. The city launched a pilot program to distribute 10m yuan ($1.49m) in the form of digital currency to residents on Monday. Photo: Li Hao/GT

Residents who received "red packets" of digital RMB use the money in stores in Shenzhen, Guangdong Province, on Wednesday. The city launched a pilot program to distribute 10m yuan ($1.49m) in the form of digital currency to residents on Monday. Photo: Li Hao/GT

 

South China's Hainan Province is set to pilot a digital currency consumption promotion event, as Chinese central bank-backed digital currency is being tested in more places.

ICBC's Hainan Branch, together with Haikou Branch of China's central bank and Sansha municipal government, will hold a digital yuan consumption campaign in Sansha island, Hainan to promote the safety, convenience and public awareness of digital yuan from April 12 to 25.

People participated in the campaign are entitled to enjoy 99 yuan ($15) discount for every 100 yuan consumption made on the island, including spending at supermarkets, hotels and restaurants.

China's Digital Currency Electronic Payment (DC/EP), also known as digital yuan has been tried out in some selected Chinese cities in various forms.

South China's Shenzhen, Beijing, Suzhou in East China's Jiangsu Province and Chengdu of Southwest China's Sichuan Province have rolled out a digital yuan test in red packets.

Some state-owned banks in Shanghai and Changsha, capital of Central China's Hunan Province, started to accept individuals' application to open digital yuan wallet accounts at the end of last month.

More cities including Xi'an, Qingdao and Dalian are expected to join more trials in the near future. 


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