Taizhou spearheads promotion of e-CNY with great success

The jazzy display of the digital RMB wallet is shown on a mobile phone. [Photo/IC photo]

The city of Taizhou – located in East China's Jiangsu province – has formally committed itself to promoting the digital renminbi, also known as the e-CNY, as an essential measure for developing the digital economy and optimizing its business environment.

On April 25, five municipal government departments and three business representatives signed cooperation agreements with eight operating agencies to promote the use of the e-CNY in fields such as government affairs, commerce, trade, transportation and communications.

Since Jiangsu province launched the e-CNY pilot program in late 2022, Taizhou has reportedly made considerable progress with 331,000 personal and 22,000 corporate e-CNY wallets opened, 160 million yuan ($23.14 million) in transactions, as well as the e-CNY used for online payments in transportation, taxes and living expenses.

In addition, 57.45 million yuan in inclusive financial loans have been granted to 34 small and micro business owners and self-employed individuals in the form of the e-CNY and it has been used to pay salaries for 90 enterprises and institutions.

People discuss the use of the e-CNY in Taizhou on April 25. [Photo/tznews.cn]