– Chinese firms are moving into a “digital yuan industrial park” in Shenzhen.
– The park aims to promote the adoption of China’s Central Bank Digital Currency (CBDC).
– Nine companies have signed agreements to move into the park, with more expected to follow.
– The park will be used to advance CBDC adoption innovations.
– The branches of China’s four biggest state-run banks in Shenzhen will also be involved in park-related developments.
– Companies moving to the park include Hengbao, Tianyu Information, Lakala, and other stock market-listed companies.
– Sanya recently welcomed its first corporate digital yuan loan deal.
– A state-owned firm in Huizhou has paid its employees’ salaries in CBDC tokens.
Chinese firms have signed agreements to move into Shenzhen’s “first digital yuan industrial park” in an effort to promote the adoption of the central bank digital currency (CBDC). The park aims to support the further development of the e-CNY pilot work and help Shenzhen become a global financial technology center. The firms in the park will be commissioned to work on innovations related to CBDC adoption, and the Shenzhen branches of the country’s four biggest state-run banks will also be involved in the park’s developments. The list of companies moving to the park includes Hengbao, Tianyu Information, and Lakala, among others. This move comes as other cities in China, such as Sanya and Huizhou, are also making progress in the implementation of digital yuan, with Sanya conducting its first corporate digital yuan loan deal and a state-owned firm in Huizhou paying its employees’ salaries in CBDC tokens.
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