Yangtze River Delta Launches Cross-regional Digital Renminbi Trials to Drive Carbon Mitigation Goals

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Government authorities for the Yangtze River Delta region have teamed up with the Chinese central bank to launch a new plan to drive greater adoption of the digital renminbi.

The “Yangtze River Delta Green Integrated Development Demonstration Zone Digital Renminbi 2022 Trial Work Arrangements” “长三角生态绿色一体化发展示范区数字人民币2022年试点工作安排” were recently released by a slew of authorities including the People’s Bank of China (PBOC), as well as financial authorities in Shanghai, Jiangsu and Nanjing.

According to the Plan in 2022 the Demonstration Zone will “further explore innovative applications” for the digital renminbi, in areas including payments and settlement, full process tracking and smart contracts.

The Demonstration Zone will also drive digital renminbi adoption in 9 cross-regional applications areas, including healthcare, special digital rural villages, and special financial services. Other goals outlined by the Arrangements include use of the digital renminbi to help drive agricultural finance and fulfilment of China’s carbon mitigation targets.

Wang Pengbo (王蓬博) said to Securities Daily that the Work Arrangements will accumulate experience for the promotion of the digital renminbi on an even greater scale nationally, and has major significance for the inter-regional connection of digital renminbi systems.

The Yangtze River Delta is situated in eastern China, and is situated at the interaction of Jiangsu province, Zhejiang province and Shanghai.