The Municipal Administrative Center of Beijing announces the launch of an e-CNY enterprise zone.
Notably, this is to “explore the digital renminbi financial system.”
Also, it will include support for experimental digital currency projects.
Of course, adding by increasing 5G infrastructure to enable faster transactions.
More so, e-CNY is China’s central bank digital currency (CBDC). Also, Its anticipation starts from the Beijing Winter Olympics in February. Of course, the target is to make it the world’s first major fiat digital currency. Notably, the Bahamas sees the launch of the world’s first CBDC in October 2020.
Additionally, it’s widely known as digital renminbi and digital yuan.
Furthermore, The Beijing Municipal Administrative Center is in the Tongzhou district. Which is of course, around 25 kilometers from Tiananmen Square.
Additionally, the idea is for it to become a hub for growing enterprises. Then, also to reduce density in the city center.
More so, another purpose of the new e-CNY zone is to increase the use of digital renminbi. Also, to check the implementation of machines that exchanges it for renminbi or foreign currencies.
Lastly, The Municipal Administrative Center zone is now the second to test e-CNY in the city.
The Shijingshan district, the site of the upcoming Winter Olympics, announces support for e-CNY transactions. This targets testing the use of digital currency by foreign tourists.
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