<![CDATA[<figure class="image"><img src="https://cimg.co/news/123886/327281/adobestock-385339640.jpeg" alt="A metal token embossed with the symbol of the Chinese yuan and the text &ldquo;digital yuan&rdquo; rests on Chinese banknotes." srcset="https://cimg.co/news/123886/327281/responsive-images/adobestock-385339640___media_library_original_1500_735.jpeg 1500w, https://cimg.co/news/123886/327281/responsive-images/adobestock-385339640___media_library_original_1200_588.jpeg 1200w, https://cimg.co/news/123886/327281/responsive-images/adobestock-385339640___media_library_original_900_441.jpeg 900w, https://cimg.co/news/123886/327281/responsive-images/adobestock-385339640___media_library_original_720_353.jpeg 720w, https://cimg.co/news/123886/327281/responsive-images/adobestock-385339640___media_library_original_600_294.jpeg 600w, https://cimg.co/news/123886/327281/responsive-images/adobestock-385339640___media_library_original_300_147.jpeg 300w" width="1500" class="content-img"><figcaption>Source: RHJ/Adobe</figcaption></figure>A <a href="https://cryptonews.com/tags/China">Chinese</a> town has agreed to become a <a href="https://cryptonews.com/tags/digital-yuan/">digital yuan</a> &ldquo;demonstration town&rdquo; after striking a <a href="https://cryptonews.com/tags/CBDC">CBDC</a> deal with a major, state-run bank.Per <a href="https://jsnews.jschina.com.cn/sq/a/202308/t20230831_3276112.shtml" rel="nofollow">JSChina</a>, the deal was struck in Likou, a town in Siyang County, near the city of Suqian in China&rsquo;s Jiangsu Province.The People&rsquo;s Government of Likou Town reportedly signed a deal with the Likou Branch of the Postal Savings Bank of China.The parties will now &ldquo;build a digital RMB demonstration town.&rdquo;The bank has been one of the biggest advocates of the digital yuan, and has focused much of its efforts on developing &ldquo;offline&rdquo; and &ldquo;hard wallet&rdquo; solutions that do not make use of internet-connected smart mobile devices.The central People&rsquo;s Bank of China has repeatedly said that it views the e-CNY as a solution for the unbanked.In 2021, a Merchant Machine study, reported by <a href="https://www.gfmag.com/global-data/economic-data/worlds-most-unbanked-countries" rel="nofollow">Global Finance</a>, found that 20% of Chinese are classified as unbanked, with internet penetration standing at just 54%.By contrast, in nearby South Korea, just 5% of residents were classified as unbanked, with internet penetration at 95%.The Postal Savings Bank began piloting internet-free digital yuan smartcards in 2021.<figure class="media"><oembed url="https://twitter.com/cnLedger/status/1346777812229734412"></oembed></figure>It has since moved on to producing wearable hard wallets.The Likou deal will see the town develop and adopt a range of &ldquo;green&rdquo; and &ldquo;smart city&rdquo; technology.It will also &ldquo;promote the application and popularization of digital yuan&rdquo; as part of the &ldquo;digital economy.&rdquo;The town did not reveal exactly how it hopes to achieve its goals.But it pledged to create a &ldquo;specialized digital yuan community&rdquo; that will serve as a model for other towns that want to further adopt the coin.It claimed it would use the CBDC to &ldquo;provide efficient, convenient, and safe services for the general public,&rdquo; as well as local enterprises.<h2 id="china-pursues-greater-digital-yuan-adoption">China Pursues Greater Digital Yuan Adoption</h2>Elsewhere in Jiangsu Province, a farmer&rsquo;s market in Wuxi this week held a promotional event for digital yuan-paying customers, <a href="https://www.wxrb.com/doc/2023/08/29/306203.shtml" rel="nofollow">Wuxi New Media</a> reported.Many stallholders at the market offered discounts and bonuses for CBDC-paying customers.Farmers&rsquo; markets across the pilot zone began accepting CBDC payments late last year.<figure class="image"><img src="https://cimg.co/news/123886/327293/weibo1.jpg" alt="A screenshot of a Weibo post from the government of Xihu District showing shoppers at a farmers&rsquo; market paying with the digital yuan last year." srcset="https://cimg.co/news/123886/327293/responsive-images/weibo1___media_library_original_811_784.jpg 811w, https://cimg.co/news/123886/327293/responsive-images/weibo1___media_library_original_720_696.jpg 720w, https://cimg.co/news/123886/327293/responsive-images/weibo1___media_library_original_600_580.jpg 600w, https://cimg.co/news/123886/327293/responsive-images/weibo1___media_library_original_300_290.jpg 300w" width="811" class="content-img"><figcaption>A Weibo post from the government of Xihu District showing a shopper at a farmers&rsquo; market paying with the digital yuan last year. (Source: Weibo/Xihu Duistrict Government/Screenshot)</figcaption></figure>The central bank wants to spur digital yuan micropayments adoption, and has been <a href="https://cryptonews.com/news/digital-yuan-spurs-rise-in-mainland-china-hong-kong-cross-border-payments.htm">promoting the use of the coin in the transport and retail sectors</a>.
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Likou, China, to Become Digital Yuan ‘Demonstration Town’ – CBDC Adoption Gathers Pace?

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