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Digital yuan pilot projects are not limited to the transport sector. Digital yuan salary payouts were successfully implemented in the Xiong’an New Area.China on Wednesday started a digital yuan payments system for railway services. China continues to roll out its Central Bank Digital Currency (CBDC) project by introducing digital payment systems for transport services. This is in partnership with the Industrial and Commercial Bank of China. The digital yuan, also known as e-CNY, can be used on all 24 of Beijing’s subway lines and four suburban railway stations reveals the Beijing Municipal Commission of Public Transport. The service is currently only available to those who bank with the Industrial and Commercial Bank of China. “You need to download a mobile app that is linked with your
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Digital yuan pilot projects are not limited to the transport sector. Digital yuan salary payouts were successfully implemented in the Xiong’an New Area.
China on Wednesday started a digital yuan payments system for railway services. China continues to roll out its Central Bank Digital Currency (CBDC) project by introducing digital payment systems for transport services. This is in partnership with the Industrial and Commercial Bank of China. The digital yuan, also known as e-CNY, can be used on all 24 of Beijing’s subway lines and four suburban railway stations reveals the Beijing Municipal Commission of Public Transport. The service is currently only available to those who bank with the Industrial and Commercial Bank of China.
“You need to download a mobile app that is linked with your bank account to access to the service,” said a representative for the Beijing rail transit network.
The city’s railway service providers are expected to continue expanding applications of the digital currency in order to optimize and enhance travel in the city.
The news follows Tuesday’s announcement that the city of Suzhou in Eastern China that the CBDC could be used for payment in the latest addition to the city’s subway system. Rhianmade it the first Chinese city to accept the digital yuan as payment for subway services.
The city of Chegndu in keeping with the digitalisation plan has finalised construction and initial testing for the application of the e-CNY in public transport. This will enable its over 10 million residents to use the digital yuan wallet on their mobile devices to pay for public buses and the subway.
Digital yuan pilot projects are not limited to the transport sector. A June 14 report shows that digital yuan salary payouts were successfully implemented in the Xiong’an New Area. The program, the first combination of blockchain tech and the country’s digital currency, was conducted under the guidance of the Shijiazhuang branch of the People’s Bank of China (PBoC), the Bank of China Hebei Xiong’an branch, and the National Development and Reform Commission. The process was hailed as having greatly eased the salaries payment process.
Touted as the government’s safer and better-regulated alternative to volatile cryptocurrencies such as Bitcoin, the digital yuan is expected to have a great number of everyday life applications. Experts believe that it will help drive the growth of China’s digital economy.
Most of these pilot programs are taking place in Beijing. By mid-June, the city had over 3,000 digital yuan-enabled ATMs facilitating deposits and withdraws of the CBDC.
The Beijing Local Financial Supervision and Administration has also announced a plan to distribute $6.2M worth of digital currency to city dwellers.
Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.