Digital RMB deals exceed $1.75b in Wenzhou

As Wenzhou was included in China's expansion of pilot areas for digital RMB, or e-CNY, last year, the city had managed over 5.5 million deals totaling 12 billion yuan ($1.75 billion) via the non-cash payment vehicle by the end of November 2022.

On March 31, 2022, the digital RMB started pilot operations in Wenzhou. The city has worked out over 200,000 scenarios for the application of the digital settlement.

E-CNY is currently available to Wenzhou residents in many scenarios both online and offline, such as purchasing electricity, shopping and services, including medical care, education, traveling, paying taxes and taking out loans.

Digital RMB is cheaper, more efficient, has wider application scenarios, and is safer than physical currency.

Digital RMB has facilitated the development of the country's digital economy. As it is more widely used, the digital currency will play a bigger role in improving payment efficiency and financial service inclusiveness.

China will continue to expand pilot areas and rev up the development of application scenarios and innovation of e-CNY, according to the central bank. (ZhongXin)