China unveils its inaugural digital currency hub in Nanjing, focused on the development and application of the digital yuan (e-CNY), aiming to attract enterprises and institutions in fintech, blockchain, AI, and more.
China has inaugurated its inaugural industrial park in Nanjing, Jiangsu province, dedicated to advancing the digital yuan, or e-CNY. This sprawling 10-square-kilometer hub seeks to entice over 100 enterprises and institutions engaged in the digital currency ecosystem, spanning fintech, blockchain, big data, artificial intelligence, and cloud computing.
Officially launched on October 12, the park stems from a strategic cooperation agreement between the Nanjing municipal government, the People’s Bank of China (PBOC), the central bank’s Nanjing branch, and the Nanjing Economic and Technological Development Zone. This accord delineates the park’s vision, objectives, and blueprints, serving as a crucible for e-CNY innovation, experimentation, and promotion.
Moreover, the park will serve as a testing ground for various e-CNY applications, including cross-border payments, digital identity verification, smart contracts, and digital asset management. It will also facilitate the integration of e-CNY with other digital currencies and platforms, like the digital renminbi internationalization platform (DRIP).
This initiative underscores China’s commitment to advancing its sovereign digital currency, designed to bolster retail payments and monetary policy implementation.