Chengdu city launches program to aid farmers with digital yuan wallets
Published: Mar 03, 2022 05:18 PM
Residents who received red packets of digital yuan use the money in stores in Shenzhen, Guangdong Province. Photo: Li Hao/GT

Residents who received "red packets" of digital yuan use the money in stores in Shenzhen, Guangdong Province. Photo: Li Hao/GT

Six villagers in Chengdu, Southwest China's Sichuan Province, received a sum of digital yuan with smart contracts, marking the successful release of the first batch of "special digital yuan wallets for farmers" for rural revitalization in China, the National Business Daily reported on Wednesday.

Following Chengdu becoming one of the first digital yuan pilot cities in the country, the program will actively promoted the construction of application scenarios across a number of fields. 

Under the program, the Industrial and Commercial Bank of China (ICBC) in the city actively explores the application of the digital currency for rural revitalization, jointly building an innovative pilot scenario for rural revitalization with private Huachuan Group. 

Huadi Yongsheng, a wholly-owned subsidiary group, will be focused on boosting rural revitalization, with the annual expenditure of special funds for farmers exceeding one million yuan every year. 

According to the contract rules provided by Huachuan Group, ICBC is to aid planting service remuneration via the online smart contract platform to the farmers in Qingqiao Village, Chongzhou of Chengdu. When the village receives the special fund, it will be used to a group of designated farmers in accordance with the service contract agreement and the digital yuan contracts.

Analysts said that the smart contract program is an innovation by Chengdu to further develop new scenarios of digital yuan use for rural revitalization. The use of smart contracts to pay special funds to farmers can enhance the effective supervision of the funds as well as ensuring the exclusive use of the money for farmers, such as land transfer payments, planting service income and subsidized funds. 

Global Times