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HomeUncategorizedIn China, cities begin trialling e-RMB payments in public transport systems

In China, cities begin trialling e-RMB payments in public transport systems

Home» Business» In China, cities begin piloting electronic RMB payments in public transport systems

as the country’s central bank digital currency (CBDC) As part of the next phase of pilot testing, some Chinese cities have started using the electronic renminbi payment method in their public transport systems. According to local reports from Qunjia, Guangzhou Public Transport has launched a payment method for paying fares. The city now offers e-RMB QR code payment codes that users can scan to pay using the CBDC wallet app. More than 10 bus routes are participating in the pilot program, including bus services allocated to tours and sightseeing routes. Likewise, Changjiang Daily reported that Ningbo, Zhejiang province, has also introduced an electronic renminbi payment method on its subway lines, allowing commuters to pay with the digital renminbi at 125 stations in the eastern Chinese city. The city introduced this payment method along with an incentive program that allows commuters to use it for just one cent. Ningbo became the ninth city to introduce payment methods in the subway system. Guangzhou is the first in the country to deploy road transportation payment methods. China is not the only country exploring CBDC People’s Bank of China (PBoC) Announced that more use cases for CBDC will be explored and more cities will be involved in pilot testing in June. Since then, cities have found use cases for the digital yuan, including using its smart contract capabilities to negotiate loans and fee payments. Earlier this month, Zhangjiagang Rural Commercial Bank in China’s Suzhou Province issued an e-loan in renminbi to a manufacturer of environmental protection equipment secured by intellectual property (IP). In Chengdu, Sichuan province, China, the Bank of China has launched a platform that allows parents to use a digital yuan platform to pay extra-curricular fees stipulated by smart contracts for their wards. While China is far ahead in CBDC adoption, it is not the only country exploring a sovereign-backed digital currency. According to a report by the Bank for International Settlements (BIS), more than 100 central banks are at various stages of CBDC development. Central banks are highly bullish on CBDCs, recently stating that it is the only viable tool for maintaining the global financial system. WATCH: BSV Global Blockchain Conference Demo, Making Blockchain Easy to Use in the Real World New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners
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