Villagers in Fengmenglong Village, Xiangcheng District, Suzhou City received the country’s first farmer’s share payment in digital renminbi. Suzhou is among the country’s first batch of digital RMB pilot cities. Over the past year or so, a series of explorations have been made in popularization and application of the digital renminbi.
Villager in Fengmenglong Village, Xiangcheng District, Suzhou
A total of 1,175 yuan was issued
for 5 shares in my family
which is a little more than last year
I am very happy
A very new experience
The continuous development of the village
has made the villagers get more and more shares
In 2021, the Feng Menglong Village Joint-Stock Economic Cooperative issued a large amount of year-end equity to the villagers in a more fashionable way.
Zhang Xiaomin, Accountant of Feng Menglong Village
In my memory
in the past we had to withdraw cash
from the bank
and then give bundles of banknotes
to the villagers from house to house
Later, we wrote checks for every household
and the villagers had to go to the bank
to cash the checks
This year we directly transferred the equity funds
to the villagers’ digital renminbi accounts
Villager
It is more convenient to use digital RMB
Commonly known as digital cash,digital RMB is legal currency in digital form. Different from the prevailing mobile payment, digital RMB is of a higher security level and also suitable for various online and offline payment environments.
Xu Zhen, General Manager of Financial Technology Department, Suzhou Branch of China Construction Bank
Digital renminbi incorporates inclusiveness
Hardware wallets can be made into various shapes
For example
you can use a keychain to make payment
by just touching it and swiping it
That is to say
payment can be realized
without relying on mobile phones and the Internet
In the future
digital currency may be combined
with the Internet of Things
to empower more powerful content
Feng Menglong Village is the first digital renminbi pilot village in the country by using digital renminbi to pay wages, subsidies, and distributing farmers’ shares, initially creating a digital renminbi application ecosystem and becoming the village’s new image.
Dozens of shops in Feng Menglong Village have opened digital RMB payments, and various self-service facilities can be seen everywhere. The digital economy and electronic payment are quietly changing the lifestyle of the farmers.
Guo Yanhao, Director of Suzhou Digital Finance Research Center
In the next step
we will replicate the experience
of Feng Menglong Village to
more villages and communities
At the same time
we will also mobilize digital financial companies
to participate in our pilot project
on a more widespread basis
so as to apply more technologies and products
to pilot scenarios
Liu Xiaochun, Deputy Dean of China Institute of Finance, Shanghai Jiao Tong University, Deputy Dean of Shanghai New Finance Institute
I think the rural areas
will be more integrated
into the modern economy in the future
and gradually begin to merge
with the so-called cities
In this sense
we say that the difference
between urban and rural areas
is being eliminated
and digital technology has become a major bridge
I believe that the issuance of digital currency
should be conducive
to such an urban-rural integration
