China's CBDC rolled out at transport networks in two more major cities
Chinese passengers can pay their fares in Digital Yuan at the transport networks in Xiamen and Guangzhou city
By Shashank Bhardwaj
Chinese citizens will now be able to pay their fares in Digital Yuan—China’s CBDC (Central Bank Digital currency)—by scanning QR codes or using swipe cards on trams and trains in two more cities—Xiamen and Guangzhou. CBDC adoption has sharply risen in China since the launch of the CBDC pilot testing project, with transaction volumes reaching $11 billion.
Passengers will be able to pay fares in digital yuan on the Haizhu Tram Line 1. The tram company said that since the launch of the CBDC payments, the usage has increased from a handful of orders in a day to dozens of orders per day. The Guangzhou Tramway Company will undertake publicity campaigns to attract more passengers to adopt the new payment system.
The payment option available is a QR code scan at the ticket gate using the digital yuan app. Buses and subways have also started accepting payments in digital yuan in Xiamen. Passengers can purchase electronic transportation cards from the Xiamen Bus App or the Xiamen Metro app. Passengers can select the means of payment as digital yuan to transact CBDC payments via these cards.
The development is one of the many initiatives by the Chinese government lined up to promote CBDC adoption. These initiatives are the various tests the government is employing before the CBDC program is launched full-scale. Xiamen and Guangzhou join the list of 12 other cities implementing digital yuan payments in their transportation networks.
Last month, the People’s Bank of China (PBoC) also announced that the CBDC pilot project would be expanded to 11 new cities. This brings the total number of cities under the CBDC pilot testing project to 23. The adoption initiatives undertaken by the PBoC had made over 260 million users use the digital wallets for CBDC payments early this year.
Apart from its expansion program in Chinese cities, the digital yuan also made its debut at the Winter Olympics. Two more sporting events, still in the pipeline, will promote the use of CBDC—The Hangzhou Games and Chengdu Summer Universiade—in the coming months.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..