Suzhou to Transact $297bn Worth of Digital Yuan in 2023

• The city of Suzhou in China has unveiled a plan to transact $297bn worth of digital yuan token this year.
• The plan includes goals that it hopes to meet by 2025, including processing $30 billion worth of digital yuan-powered loans for small and medium-sized enterprises.
• Over 30 million people have already downloaded e-CNY wallets in the city while almost a million companies and government organizations have begun accepting digital yuan payments.

City of Suzhou Aims to Transact $297bn Worth of Digital Yuan

The city of Suzhou, located in China, has announced an ambitious plan that aims to have its citizens and businesses transact a cumulative total worth around $297 billion worth of the central bank’s digital yuan token this year. According to Shanghai Securities News, the city – which is one of the most populous and wealthiest cities in China – has set out various goals for its digitized currency adoption drive that it hopes to fulfill by 2025.

Goals Set Out for Digital Yuan Adoption Drive

The goal is for the cumulative transactions volume to increase sixfold before 2021 ends. Already, individuals and companies based in Suzhou were said to have transacted a total amount worth around $50.5 billion last year. Other targets include providing small- and medium-sized businesses with access to roughly $30 billion worth of digital yuan powered loans before the end of 2021 while also boosting blockchain technology and Web3 credentials throughout the city.

Digital Yuan Popularity on the Rise

Right now, there are fewer than 400 local firms specializing in digital finance, blockchain technology, and related fields but there are plans underway to foster startups so as to increase this number up to 1,000 by 2025. Chinese cities seem eager when it comes down to their own individual ambitions regarding digital currency adoption drives with Changsha claiming that 300,000 stores and vendors within their local area already accept payment made via digital yuan tokens . Seventeen cities are currently included in its pilot zone thus far with more possibly being added soon such as Wuhan which was named as a possible candidate recently.

Chinese Citizens Stepping Up Adoption Rate

The amount of people who have downloaded e-CNY wallets within Suzhou showed how popular this new form of payment is becoming with over 30 million downloads recorded last year alone . Furthermore , nearly 1 million companies based within the city limits as well as government organizations began accepting payments made via these types tokens . All these figures show just how quickly Chinese citizens are embracing this new form payments system while they attempt keep up with other countries such as US or Japan who already have their own forms cryptocurrency .

Conclusion

In conclusion , it appears that Chinese cities like Suzhou are attempting not only compete against each other when comes down adopting blockchain technologies but also trying match up other countries who already have their own systems place . With ambitious plans outlined , time will tell if they able reach goals set out them before end 2021 .