Chongqing- "China is a huge sandbox, and you can experiment with new technologies," said Jo Purdy, an Australian, Founder and Head of Content at Digital Disconnect, during an exclusive interview with iChongqing on September 30. 

Purdy has been engaged in blockchain and finance in China for around eight years. He thinks that China is more willing to experiment with new emerging technologies.

Purdy said China is leading the world in central bank digital currency (CBDC), also called e-CNY or digital yuan. It offers both convenience, security, and the traditional banking system's regulated, reserved-backed money circulation. 

Jo Purdy, Founder and Head of Content at Digital Disconnect. (iChongqing/ Zhang Deng)

China leads the world in CBDC

This year, the People's Bank of China announced that 11 cities, including Chongqing, have been approved for the third batch of pilot areas for digital yuan. A group of foreign residents in Chongqing from Singapore, Malaysia, and other countries were also invited to open the digital renminbi wallets under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) recently. 

"The digital RMB is a world-class technology, and it will be a huge part of Chinese financial policy forward," said Purdy. Over the past several years, China has been steadily making progress toward digital RMB, which has been applied to online shopping platforms and traditional supermarkets, benefiting individuals and society. 

Jiangbeizui Central Business District. (iChongqing file photo)

With financial transformation, Purdy observed a technological leapfrogging in the country. "China is ahead of the rest of the world in digital payments," he said.

"We use credit cards in Australia, while in China, everyone uses QR codes," said Purdy. "Payment methods like WeChat Pay and AliPay are so convenient for people's daily lives."

With digital currencies emerging, people's lifestyles may have changed. In the rapidly developing China of today, the potential of the country's financial-technology industry has been further reflected. 

Chongqing is a city friendly to foreigners

"I first came to China for six months, and it was a six-month study trip. Eight years later, I'm still here," Purdy said. "Something about this country got my attention."

Despite the cultural gap between China and Australia, his home country, Purdy continues to stay in China to experience something different. "When you live somewhere different, you learn so much about yourself and your own culture," Purdy added. 

Purdy moved to Chongqing last year. "Chongqing has a good work-life balance as a city," he said. "It allows people to live here relatively cheaply, and the city has interesting people, welcoming people, locals, and also great food." 

When it comes to the future, Purdy would like to grow his team in Chongqing. "There is a long way to go, and it all depends on the talent," he said. "I've started organizing events to communicate with other people interested in the place."

He believes Chongqing is a friendly city to foreigners and has gradually become a talent-gathering place due to its unique lifestyle.