Chinese Officials Report Increasing Adoption of Digital Yuan
Chinese officials have revealed that the uptake for the digital yuan is on the rise both among overseas visitors and citizens. State-run banks in the Hangzhou Asian Games Village showcased the digital yuan to delegations from across Asia, demonstrating its use for making purchases at various stores. The event marked the first major international showcase for the digital currency, which concluded on October 8. To cater to foreign visitors, China also released new features for the central bank’s digital yuan app, including an English-language version and a link to Hong Kong’s FPS payment platform.
Expanded Usage and Accessibility
The promotion of the digital yuan extends to international students at Chinese universities. Visitors can now register and open a digital yuan wallet using an overseas mobile phone number. They can also top up their wallets with overseas Visa and Mastercard bank cards. Additionally, non-Chinese residents can make payments in Mainland China using QR codes from Alipay and UnionPay through some overseas wallets. Notably, Alipay data revealed a significant increase in daily payments made by inbound tourists since the start of the Asian Games, showing the benefits of local payment systems.
“The digital yuan provides a safer and more convenient payment experience for athletes and visitors alike.” – Industrial and Commercial Bank of China spokesperson
Digital Yuan Salaries
A growing number of Chinese state-operated firms are choosing to pay their staff in digital yuan tokens. The financial operations bureau at the Zhongkai High-tech Industrial Development Zone in Huizhou, Guangdong Province, recently implemented digital yuan wages for its 1,211 appointed officials and employees in district-level agencies and public institutions. This marks the first instance in the province where workers have received their entire salaries in digital yuan. In Huizhou alone, 649,000 personal digital yuan wallets have been opened, along with 55,000 corporate wallets. Similarly, the city of Changshu in Jiangsu Province plans to pay all public officials and employees of state-owned enterprises in digital yuan starting in May 2023.”
“The increased adoption of the digital yuan demonstrates its growing relevance and acceptance in the Chinese economy.” – Dong Ximiao, Chief Researcher at China Merchants Union
