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Guangzhou will advance digital yuan, blockchain pilots in 2022

Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022. 

Fast facts

  • Guangzhou applied to become a new digital yuan pilot city in September 2021. 
  • Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
  • Currently, the only digital yuan pilot city in GBA is Shenzhen.
  • China’s e-CNY, or digital yuan, is touted as the most advanced central bank digital currency (CBDC) issued by a major world economy.
  • Last November, a project called “digital yuan payment and settlement & judicial depository system for the Greater Bay Area” received 5 million yuan (US$ 788,221) from a local financial authority.
  • In addition, Guangzhou will become a blockchain demonstration area, following a  Ministry of Industry and Information Technology approval  last year. 

   

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