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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.
- 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.