The Hunan province capital of Changsha has launched its first digital renminbi “demonstration street” to drive the regional usage of China’s central bank digital currency.
On 29 November Changsha officially launched the Furong District Yangfan Night Market (芙蓉区扬帆夜市) as its first “digital renminbi demonstration street.”
The launch of the street saw the execution of a memorandum of cooperation between the Changsha branch of big state-owned lender China Construction Bank (CCB) and Changsha Furong District Night Market Enterprise Management Services Co., Ltd. (长沙市芙蓉区夜市企业管理服务有限公司).
Over 360 vendors operating in the night market have already successfully connected with digital renminbi payment services as part of the launch of the demonstration zone, while the Hunan province branch of CCB is also providing a 50% discount campaign for use of the new digital currency at the night market.
The Yangfan Night Market in Changsha’s Furong District has recently seen rapid growth to become the largest night market of its type in the Hunan province capital.