According to local news agency JS China, on February 1, the annual meetingaboutA trial of a central bank digital currency (e-CNY CBDC) was attended by senior Communist Party officials in Suzhou. as part of the results of the meeting Party officials have set a preliminary performance indicator (KPI) of 2 trillion yuan ($300 billion) for e-CNY CBDC transactions in the city by the end of 2023.
Authorities have also set a goal of processing $30 billion worth of e-CNY loans. For small and medium-sized businesses in Suzhou by the end of this year, in 2022, e-CNY transactions in the city surpassed 340 billion yuan ($50.5 billion) across 930,000 local businesses and government offices, with digital wallets downloaded. More than 30.54 million, of which total financial incentives related to e-CNY amounted to CNY 40 billion ($5.9 billion) while 18.7 billion ($2.78 billion) of e-CNY loans were issued.
“By 2025, the People’s Bank of China Digital Asset Data Verification Platform, Blockchain-powered Financial and Commodity Exchange, Internet of Things Payment Solution, and Fintech Lab will produce tangible results. And this will incentivize the development of the digital finance ecosystem and synergies with the existing financial sector in Suzhou.”
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