In the next five years, Shanghai plans to introduce and promote Chinese electronic currency

02.11.2021

Shanghai recently made public its plans for the future to introduce pilot programs of China's virtual currency over the next five years. Such a policy statement is Shanghai's "Five-Year Plan of Support from All Sides of Urban Digital Transformation".

The plan provides information on the development of an urban pilot program for both real-time and offline payments, vehicles, public services.

Shanghai has been included in the second round of e-CNY pilot cities. In the first and third summer months, Shanghai issued 750,000 red envelopes containing digital money in order to accelerate its adoption.

In the middle of summer in Shanghai's Pudong region, the State Council took as a perspective "the main area of people's improvement" and intends to open up the economy and promote the latest techniques in the region in the next five years. The goal is to create this region as a center for merging the country's domestic and foreign economic activities within the boundaries of China's "double-turn" financial roadmap, aimed at developing domestic markets in a state of contradiction in interethnic ties and insufficient sales to foreign buyers.

Such Chinese provinces as Zhejiang, Guangzhou, Jiangsu, Tianjin and Shaanxi, in addition to Shanghai, plan to further develop e-CNY and money technologies.

The virtual Chinese currency, which claims to be the leading cryptocurrency of the Central Bank, is being implemented in 9 cities and regions where the Winter Olympics are planned to be held in China.