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China’s first digital renminbi financially allocated funds business landed in Wenchang, Hainan

According to news on May 3, 2022, recently, the country’s first digital RMB financially allocated funds business was launched in Wenchang, Hainan. It is understood that this is another breakthrough in the field of digital renminbi after Hainan took the lead in completing the first digital renminbi tax payment contract business in the country last year.

 

Bank of Communications Wenchang Sub-branch cooperated with the guidance and assisted Wenchang Meteorological Bureau to open a digital RMB public wallet. With the concerted efforts of all units, 1 million yuan of financially allocated funds was successfully allocated from the national treasury to the Wenchang Meteorological Bureau’s digital RMB-to-public wallet, realizing the whole process from the financial issuance of the payment order to the direct payment of the treasury and treasury funds of the People’s Bank of China Automatic processing. The landing of this business will effectively help the promotion of digital renminbi.

The relevant person in charge of the Wenchang Meteorological Bureau said: “Although there are more and more usage scenarios for digital renminbi in Hainan, we have always needed to exchange digital renminbi from our own bank accounts. This time, the treasury directly transferred the money to the unit to the public. Wallet, providing a new payment method that is more convenient to use.”

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