Dragon Boat Festival popularity bodes well for China's digital currency
 updatetime:2021-06-16 12:00:00   Views:0 Source:Xinhua

In Shanghai's Zhujiajiao ancient town, a popular tourist destination, stores including those selling festival delicacy of Zongzi, a pyramid-shaped glutinous rice dumpling wrapped in reed leaves, have put up "Pay with Digital RMB" signs.

A merchant surnamed Pan said that she could sell up to 4,000 Zongzi a day during the Dragon Boat Festival holiday, and many of the orders were paid via the digital yuan that is convenient and free of transaction commissions.

China is aiming to upgrade its domestic retail system by further developing its digital currency. Gradual steps will expand its use via trials, according to the country's monetary authorities and experts.

The country began piloting its digital currency in selected regions across the country at the end of 2019. The currency is expected to be issued by the country's central bank and legally backed by the government as an alternative to paper money.

During the pilot programs in cities including Beijing, Shenzhen, and Suzhou, businesses such as groceries, daily necessities, and catering, among others, already supported payments using the digital yuan.

As the digital RMB pilot program expands its scope in public life, China is expected to enrich its operational experience to pave the way for large-scale adoption in small-scale and high-frequency retail business scenarios, according to experts.

Produced by Xinhua Global Service

Web Editor:MXJ