NETDA launches China's digital yuan promotion campaign

Authorities in the Nantong Economic and Technological Development Area (NETDA) in East China's Jiangsu province held a promotional event to pioneer the digital yuan with representatives of the Nantong Branch of the Bank of China on June 9.

Bao Delin, director of the NETDA administrative committee, said at the launch ceremony that the local government will develop a series of digital application scenarios and continue efforts to advance the in-depth integration of financial resources with digital government, the digital economy and the digital city concept.

Bao added that digital application scenarios will provide more efficient, more convenient and safer payment services to residents and local enterprises, and will play a significant role in reviving consumption, optimizing the business environment and bolstering the digital economy.

Qiu Wei, head of the Nantong Branch of the Bank of China, said that his team and he will make innovations in application scenarios and optimize financial services to provide new experiences to customers.

NETDA will implement a series of measures, including strengthening linkages between government agencies, banks and enterprises, and establishing a complete payment system to accelerate and promote the application of digital currency, according to local authorities.