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China Pushes for Broader Use of Digital Currency

China is ramping up efforts to roll out the digital yuan to the broader population, as the country’s technology giants jump on board. However, one of the challenges is how to make Chinese citizens who already use two dominant mobile payment systems run by these same tech firms, begin paying with the digital yuan. Also known as the e-CNY, it’s designed to replace the cash and coins already in circulation.

China’s digital yuan is a form of central bank digital currency (CBDC) which many other central banks around the world are also working on — though the Chinese central bank is way ahead of its global peers. To date, the PBOC has been piloting the digital currency, and tens of millions of digital yuan have been handed out to citizens in a handful of cities in China. Chinese authorities are now stepping up their ambition to expand the use of e-CNY to more citizens even though a nationwide rollout date has not been set.

The PBOC launched an app to allow users in 10 areas, including major cities Shanghai and Beijing, to sign up and use the digital currency.  Perhaps the most significant push came when a popular social media and mobile payment app would support the digital yuan. While the PBOC has used digital yuan lotteries to effectively hand out free money and get users on board, a Chinese analyst questioned what will entice citizens to continue using the digital yuan after they’ve spent that money.

China’s central bank previously stated its intention to make the digital yuan available to visitors to the Beijing Winter Olympics. The venues for the 2022 Games in Beijing will be able to use the e-CNY app there. For the foreseeable future, even if there is an uptick at the Winter Olympics, the transaction turnover rate of the central bank digital RMB is likely to be very tiny in comparison to popular payment platforms

However, over time, there may be some niche areas where the digital RMB could see greater use, such as paying certain types of government-related bills, or for things like transportation, particularly if the central bank offers incentives like red envelopes and other inducements.

Meanwhile, China’s “zero Covid” approach has led to strict measures to try to stamp out the virus in China — that means very few foreign visitors will be attending the Winter Olympics in Beijing. Though the Olympics were originally viewed by Chinese authorities as a chance to showcase the potential use of the currency in an international setting, few non-Chinese citizens will likely use the digital RMB wallet at the Games.

For the internationalisation of RMB, it is a natural process and the goal is not to replace the U.S. dollar or any other international currency. The goal is to allow the market to choose and to facilitate international trade and investment.

As reported by OpenGov Asia, China Association for Science and Technology (CAST) has provided continuous support to release the potential of digital innovation and foster new drivers of growth. CAST urged to enhance digital literacy of the general public to achieve inclusive development goals beneficial to all. CAST called on efforts to deepen international cooperation and build a global network on digital governance.

The nation is already a leader in the 4th generation of the industrial revolution. Digital transformation is of great importance for the survival and development of small and medium-sized enterprises (SMEs), and special assistance will be provided for SMEs to enhance their intelligent manufacturing capacity. Experts from China and abroad discuss the endless frontier of digital technology and inclusive development as a solution to the digital divide.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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