Subsidies paid in digital RMB to cinemas

Authorities in East China's Zhejiang province have for the first time paid subsidies to its cinema industry in digital RMB to help them overcome difficulties in the face of the COVID-19 epidemic.

The subsidies, worth 95,000 yuan ($14,229.23), were distributed by the sub-branch of the Industrial and Commercial Bank of China (ICBC) in Yuhang district to the Hangzhou Poly Cinema Company through the Qinqing Online platform.

Part of the "City Brain", an intelligent and smart system aimed at improving Hangzhou's urban governance, the Qinqing Online platform is designed to bring government departments and companies closer.

Digital RMB can be used in various online and offline payment environments and can minimize issues caused by technical factors, communication network coverage and other factors.

At present, in addition to ICBC Yuhang Sub-branch, other banks across the city have also been accelerating the development of their digital RMB offerings.