{"id":61457,"date":"2023-10-12T17:27:36","date_gmt":"2023-10-12T21:27:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=61457"},"modified":"2023-10-12T17:29:08","modified_gmt":"2023-10-12T21:29:08","slug":"china-opens-industrial-park-for-digital-yuan-cbdc-development","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/china-opens-industrial-park-for-digital-yuan-cbdc-development\/","title":{"rendered":"China Opens Industrial Park for Digital Yuan CBDC Development"},"content":{"rendered":"\n

In the Jiangsu province of Nanjing, China has opened its first industrial park devoted to creating and utilizing the d<\/a>igital <\/a>yuan<\/a>, or e-CNY.<\/p>\n\n\n\n

\"China
China Opens Industrial Park for Digital Yuan CBDC Development<\/figcaption><\/figure>\n\n\n\n

The park, which has a 10 square kilometer footprint, seeks to draw over 100 businesses and organizations involved in the blockchain, big data, artificial intelligence<\/a>, cloud computing, and financial technology sectors.<\/p>\n\n\n\n

The People's Bank of China (PBOC), the Nanjing branch of the central bank, and the Nanjing Economic and Technological Development Zone signed a strategic partnership agreement on October 12 to formally establish the park. <\/p>\n\n\n\n

The agreement specifies the park's vision, objectives, and strategies; these will act as a foundation for creativity, experimentation, and e-CNY promotion.<\/p>\n\n\n\n

Several e-CNY experimental projects and scenarios, including cross-border payments, digital identity verification, smart contracts, and digital asset management, will also occur at the park. <\/p>\n\n\n\n

The e-CNY Internationalization Platform\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which the PBOC developed in July to promote cross-border trade and investment utilizing the e-CNY, is one of the digital currencies and platforms the park will support in integrating with the e-CNY.<\/p>\n\n\n\n

Launching the project is a part of China's initiatives to quicken the study and creation of its sovereign digital currency, which was started by the PBOC in 2014. <\/p>\n\n\n\n

The e-CNY is intended to be an instrument for monetary policy implementation, financial stability, and legal tender that can be utilized for retail payments. <\/p>\n\n\n\n

The e-CNY is a digital representation of the real yuan that the central bank backs, not a cryptocurrency. Since 2020, China has been testing the e-CNY in numerous cities and provinces, involving millions of users and tens of thousands of retailers. <\/p>\n\n\n\n

Multiple e-CNY features and functions have been tested, including offline payments, dual offline wallets, intelligent suggestions, and manageable anonymity. <\/p>\n\n\n\n

International partners like the Bank for International Settlements and the Hong Kong Monetary Authority<\/a> have also participated in the trials. China has made considerable advancements in developing the e-CNY, according to Deputy Governor of the PBOC Fan Yifei, and will continue to investigate further use cases and situations for its implementation. <\/p>\n\n\n\n

China would actively participate in international debates and collaboration on digital currency-related issues, according to Yifei, who also stated that the country would uphold the principles of transparency, cooperation, and coordination in moving the e-CNY project forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the Jiangsu province of Nanjing, China has opened its first industrial park devoted to creating and utilizing the digital yuan, or e-CNY. The park, which has a 10 square kilometer footprint, seeks to draw over 100 businesses and organizations involved in the blockchain, big data, artificial intelligence, cloud computing, and financial technology sectors. The […]<\/p>\n","protected":false},"author":43,"featured_media":61459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[773,322,558],"class_list":["post-61457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-cbdc","tag-china","tag-digital-yuan"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/croc_1697144336778.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=61457"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/61459"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=61457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=61457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=61457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}