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Digital yuan shopping campaign
The Hong Kong division of the Bank of China (BOCHK), a commercial bank in the People’s Republic of China, announced today that it will launch a digital yuan shopping festival.
More than 200 merchants in Hong Kong accept digital renminbi payments, allowing customers in mainland China to conveniently enjoy shopping payments.
Participating merchants range from pharmacies to electronics stores, and U Select, a supermarket chain with more than 90 stores across Hong Kong, also accepts the digital yuan.
Digital RMB wallet users can also receive digital RMB shopping subsidies by scanning the QR code at designated merchants.
According to BOCHK, it will also reduce cross-border payment costs for retailers participating in the campaign.
Chen Guang, deputy director of BOCHK’s digital currency task force, said the campaign, which will be held from the 18th, will be held in July and August, when Chinese tourists are increasing.
Through this “cross-border shopping festival”, it aims to attract more tourists and promote local consumption.
Hong Kong is already conducting a demonstration experiment of the digital yuan in December 2022. It is the first time a digital yuan has been tested outside mainland China. At this time, 500 BOCHK users were allowed to shop in Hong Kong using digital renminbi.
Introduced at sports competitions
Since 2014, the People’s Bank of China has developed a digital yuan, a CBDC (Central Bank Digital Currency). Since the second half of 2020, large-scale demonstration experiments have been conducted in various parts of China.
The digital yuan, also known as e-CNY, has been piloted in about 26 provinces and cities across China. It can also be used with Alipay and WeChat Pay, China’s largest online payment platforms.
connection: Digital yuan, WeChat Pay to start supporting
What are CBDCs
A digital currency issued by the central bank of a country or region. It stands for “Central Bank Digital Currency”. The big difference from virtual currency is that CBDC is a legal tender. While cost reduction and efficiency improvement can be expected in currency management and settlement, there are many issues to be considered, such as protection of personal information and privacy, security measures, and impact on the financial system.
Cryptocurrency Glossary
In the latest development around the digital yuan, the international university sports event “Summer World University Games” will also be used in Chengdu, Sichuan Province, China from July 28 to August 8.
A digital renminbi wallet has been opened for the executive committee of this tournament, and will be used for catering, medical care, transportation, etc.
China also conducted a demonstration experiment of the digital yuan at the time of the Beijing Winter Olympics in 2022. At this time, overseas athletes and media personnel who visited China for the Olympics were also able to use the digital yuan.
Officials at the People’s Bank of China said that the daily use of the digital yuan in connection with the Olympics reached about 39.5 million yen (2 million yuan).
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