On October 20^th, the Digital Currency Research Institute of the People’s Bank of China (PBoC) signed a strategic cooperation agreement with the Rural Credit Banks Funds Clearing Center (RCBFCC) (农信银资金清算中心), for digital currency application projects in China’s rural areas. The PBoC has said that it will seek to drive digital renminbi-related operations in rural communities, and make full use of pre-existing networks and systems. Meanwhile, the RCBFCC will provide combined online services via digital renminbi connection platforms to rural village credit unions, rural village commercial banks, and county banks.