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China Opens Industrial Park for Digital Yuan Ecosystem Development

China has opened its first industrial park dedicated to the development of the digital yuan ecosystem in the Luohu district of Shenzhen. The park has nine residents and the district government has announced ten initiatives to boost the development of the digital yuan ecosystem, including payment solutions, smart contracts, hard wallets and digital yuan promotion. Incentives are being offered to residents, including up to three years' free rent, and commercial banks can receive up to 20 million yuan ($2.7 million) for settling there, while startups are eligible for up to 50 million yuan ($6.9 million).

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