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The Rising Number of Digital RMB Transactions in Zhejiang Province

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According to reports, the Hangzhou Central Branch of the People\’s Bank of China disclosed on March 31 that up to now, the number of digital RMB wallets opened in Zhejiang Province

The Rising Number of Digital RMB Transactions in Zhejiang Province

According to reports, the Hangzhou Central Branch of the People’s Bank of China disclosed on March 31 that up to now, the number of digital RMB wallets opened in Zhejiang Province has reached 26.5 million, the number of digital RMB merchants supported and accepted has reached 1.57 million, the number of transactions has reached 75.42 million, and the transaction amount has reached 154.8 billion yuan. The core indicators are in the forefront of domestic pilot areas. In the next step, the financial system of Zhejiang Province will continue to focus on key areas of work such as the 2022 Asian Games in Hangzhou, government side scenarios, and the incremental expansion of people’s livelihood, and promote the improvement of quality, efficiency, and innovation and upgrading of the digital RMB pilot project.

The first anniversary of the launch of the Zhejiang digital RMB pilot project, with a transaction scale of 154.8 billion yuan

Introduction

In a recent update from the Hangzhou Central Branch of the People’s Bank of China, it was revealed that the number of digital RMB wallets opened in Zhejiang Province has reached 26.5 million. The number of digital RMB merchants supported and accepted has reached 1.57 million, with the number of transactions reaching 75.42 million, and the transaction amount totaling 154.8 billion yuan. These core indicators make Zhejiang Province a leading pilot area.”

What is Digital RMB?

Digital RMB, or Digital Renminbi, is an alternative digital currency issued by the People’s Bank of China. It is a direct response to the increasing popularity of digital payment systems like Alipay and WeChat Pay in the country. The digital RMB is currently under trial in select pilot areas in China, including Zhejiang Province.

The Rising Number of Digital RMB Transactions in Zhejiang Province

Zhejiang Province is at the forefront of the digital RMB pilot project, with over 26.5 million digital RMB wallets opened and 1.57 million digital RMB merchants supported. This impressive number reflects a growing trust in the digital currency, which has been further fueled by the pandemic. With social distancing measures in place, there has been a surge in online transactions, and the government is promoting the use of digital currencies to minimize physical contact.
The number of transactions using digital RMB in Zhejiang Province has reached 75.42 million, with the transaction amount totalling 154.8 billion yuan. These figures highlight the success of the digital RMB project in Zhejiang Province.

Key Areas of Work for the Financial System of Zhejiang Province

The financial system of Zhejiang Province is focused on key areas of work to promote the improvement of quality, efficiency, innovation, and upgrading of the digital RMB pilot project. These key areas include:

1. 2022 Asian Games in Hangzhou

The financial system of Zhejiang Province is working towards developing the digital RMB infrastructure to support the 2022 Asian Games in Hangzhou. This will ensure a seamless digital payment experience for visitors and athletes during the event.

2. Government Side Scenarios

The financial system of Zhejiang Province aims to promote the use of digital RMB in government side scenarios, such as offering subsidies, paying taxes, and other administrative fees. This will help to streamline government processes and promote financial efficiency.

3. Incremental Expansion of People’s Livelihood

The financial system of Zhejiang Province will also focus on the incremental expansion of people’s livelihood by promoting the use of digital RMB in daily life. This includes online shopping, dining, entertainment, and other consumer activities.

Conclusion

The rising number of digital RMB transactions in Zhejiang Province reflects a growing trend towards digital currencies in China. The government’s push towards promoting the use of digital RMB in various scenarios has resulted in an increase in the number of digital RMB wallets, digital RMB merchants, transactions, and transaction amounts. As the financial system of Zhejiang Province continues to improve the quality, efficiency, and innovation of the digital RMB pilot project, we can expect to see further growth in the number of digital RMB transactions in the coming months.

FAQs

Q: Is Digital RMB available in other parts of China?

A: Currently, Digital RMB is only available in select pilot areas, including Zhejiang Province.

Q: How can I open a digital RMB wallet?

A: You can open a digital RMB wallet through the designated banks in the pilot areas.

Q: Is Digital RMB similar to cryptocurrencies like Bitcoin?

A: No, Digital RMB is a digital currency issued and backed by the government, while cryptocurrencies like Bitcoin are decentralized and not backed by any government.

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