China’s Shenzhen Launches Digital Yuan Industrial Park

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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October 12, 2023 02:06 EDT

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A group of Chinese firms will move into a CBDC-themed “digital yuan industrial park.”

Per the Shanghai Securities News and the Securities Times, the Southeastern city of Shenzhen held an “official launching ceremony” for its “first digital yuan industrial park” on the morning of October 11.

The ceremony was held at Shenzhen’s new Luohu Digital Yuan Application Demonstration Center, where nine companies signed “moving-in” agreements.

The group was described as the “first batch” of firms to move into the park, with more reportedly set to follow in the months ahead.

The center will be used to promote CBDC adoption efforts.

China: Shenzhen’s Digital Yuan Industrial Park Plans

Shu Yumin, the Communist Party Secretary of the Shenzhen Financial Supervision Bureau, said the project would “help promote the further improvement and expansion” of the e-CNY pilot work.

Shu claimed the advance would also “help Shenzhen become a “global financial technology center.”

The park’s firms will be commissioned to work on CBDC adoption innovations.

The Shenzhen branches of the nation’s four biggest state-run banks will also work on industrial park-related developments.

Shenzhen is a notable IT hub and has been at the heart of the digital yuan pilot since 2020.

The list of companies moving to the park includes Hengbao, a SIM and smartcard maker.

Another of the firms is Tianyu Information, an AI, POS terminal, and blockchain specialist.

Also moving to the park will be Lakala, a payments firm that works with major retailers.

“Many other” stock market-listed companies were also among the “first batch” of firms moving to the park, including security providers and cloud computing specialists.

Earlier this week, the city of Sanya welcomed its first corporate digital yuan loan deal.

And a state-owned firm in Huizhou reported that it had paid its employees’ salaries in CBDC tokens.