Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market

03/25/2023 03:31 • NFT Newsflash • 125 views

It is reported that the Joint Office of the Leading Group for the Pilot Work of Digital RMB in Yiwu City has released the “Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market”, which proposes 10 specific measures to comprehensively improve the market’s digital RMB acceptance environment, promote digital RMB hardware wallets, increase the exploration of smart contract applications, and explore the development of cross-border payment applications of digital RMB.

Yiwu Announces 10 Initiatives for Digital RMB Pilot: Intensify the Exploration of Smart Contract Applications

The Joint Office of the Leading Group for the Pilot Work of Digital RMB in Yiwu City has recently released the “Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market”. This plan aims to promote the acceptance of digital RMB in the market, encourage the use of digital RMB hardware wallets, explore smart contract applications, and develop cross-border payment applications of digital RMB. This article will explore the 10 specific measures proposed in the plan and how it will improve the digital RMB ecosystem in Yiwu Small Commodity Market.

The 10 Specific Measures Proposed in the Work Plan

1. Establish a leading group to promote digital RMB in the market: The leading group will be formed to coordinate the promotion of digital RMB in the market, ensure the smooth implementation of the plan, and organize relevant personnel to carry out promotional activities.
2. Build comprehensive acceptance infrastructures for digital RMB: The market’s digital RMB acceptance infrastructures, including payment terminals and software systems, will be upgraded and further developed to improve the market’s acceptance rate of digital RMB.
3. Encourage merchants to accept digital RMB payments: The plan proposes incentives to encourage merchants to accept digital RMB payments. These incentives include subsidies for the purchase of digital RMB hardware wallets.
4. Encourage the development of digital RMB hardware wallets: In order to increase the use of digital RMB, the plan encourages the development of hardware wallets. These wallets can be used for payment transactions and will also be compatible with smart contract applications.
5. Promote the use of digital RMB in cross-border transactions: The plan proposes to explore the development of cross-border payment applications of digital RMB, to provide more convenience and security to cross-border transactions.
6. Enhance the security of digital RMB transactions: The plan proposes to improve the security of digital RMB transactions by developing new encryption technologies and strengthening the security management of digital RMB hardware wallets.
7. Expand the scope of digital RMB applications: The plan proposes to explore the application of digital RMB in various fields, including transportation, education, and medical care.
8. Explore smart contract applications of digital RMB: The plan proposes to explore the use of smart contracts in digital RMB transactions, which can greatly reduce transaction costs while improving efficiency and transparency.
9. Promote digital RMB in the financial sector: The plan proposes to promote the use of digital RMB in the financial sector, including banks and insurance companies.
10. Enhance the overall digital RMB ecosystem: The plan proposes to promote the development of the digital RMB ecosystem, including the formation of digital RMB industry alliances, research and development of digital RMB standards, and promotion of digital RMB education.

Conclusion

The Work Plan for Deepening the Pilot Work of Digital RMB in Yiwu Small Commodity Market proposes 10 specific measures to comprehensively improve the market’s digital RMB acceptance environment, promote digital RMB hardware wallets, increase the exploration of smart contract applications, and explore the development of cross-border payment applications of digital RMB. The implementation of these measures will not only improve the market’s digital RMB ecosystem but also promote the development of the digital RMB industry as a whole.

FAQs

1. What is digital RMB?
Digital RMB is a digital version of China’s currency, the Renminbi. It operates on a blockchain network that allows for secure, instant transactions without the need for intermediaries.
2. Where can digital RMB be used?
Currently, digital RMB is being piloted in various cities in China, including Yiwu Small Commodity Market. It can be used for payment transactions at participating merchants and can also be used for cross-border transactions.
3. What are the benefits of using the digital RMB?
The benefits of using digital RMB include faster and more secure transactions, lower transaction fees, and increased convenience for users. It also allows for more efficient monitoring and regulation of the currency by the government.

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