- e-CNY payments were used to purchase wealth management services.
- Suzhou is one of the first four pilot cities to launch digital renminbi – China’s legal currency.
- Soochow seeks to expand the level of cooperation with local governments and banks.
Soochow Securities, a financial service company and Bank of China, has launched a digital e-CNY (digital renminbi) payment function. The e-CNY payment function marked the first use case of digital currency. It was used on Monday to purchase investment and wealth management service products through the Bank of China digital wallet.
According to China Securities Journal, a state-backed finance outlet:
Ms. Wu, a customer of Soochow Securities’ Cailian Road Sales Department in Xiangcheng, Suzhou, used the Soochow Securities Xiucai APP to successfully purchase investment and wealth management service products through the Bank of China digital wallet.
As per the journal, the digital renminbi is widely accepted because of its advantages like safety, speed, efficiency, low-cost management, and controllable supervision. Also, the application and usability positively impact social and economic life.
Suzhou is one of the first four pilot cities in China to use the digital renminbi. The municipal party committee and municipal governmen ...
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