China’s Digital Yuan Rolled out on Transport Networks in Major Cities

2022-5-10 17:30

China’s central bank digital currency (CBDC), or digital yuan, is seeing its adoption grow by the day, most recently in the transportation sector of Xiamen and Guangzhou.

According to local news outlets, the development is part of a long line of adoption initiatives by the Chinese government to test the usage of the CBDC ahead of a full-scale launch.

According to Southern Net passengers on the Haizhu Tram Line 1 can pay for their fares using the digital yuan. Passengers have the option to pay by scanning a QR code at the ticket gate through the digital yuan app.

Digital yuan usage spikes

The outlet reported that since the launch of the digital payments, its usage has spiked “from a few orders during the trial operations to dozens of orders per day.” The Guangzhou Tramway Company added it would carry out a publicity campaign to attract an even larger user base for the new payment system.

In Xiamen, buses and subways have begun accepting payments in digital currency from users. The passengers can easily buy the city’s electronic transportation cards from either the Xiamen Bus or Xiamen Metro App and choose digital yuan as means of payment. As in Guangzhou, there is the option of making payments through QR codes.

To encourage usage of the new payment, users of the digital yuan wallet have been offered a 10% discount on subway rides until June 5. The city plans to unveil new features like password-free payment and integrate swiping at station gates.

Xiamen and Guangzhou join other cities in the experiment

Xiamen and Guangzhou are the latest cities to incorporate the digital yuan in transportation and join 12 other cities to have made the move. The People’s Bank of China (PBoC) announced the expansion of the CBDC pilot program to 11 new cities last month which brings the total number to 23.

Apart from the expansion, the digital yuan made its global debut at the Winter Olympics with two more sporting events in the pipeline for the CBDC – the Chengdu Summer Universiade and the Hangzhou Asian Games.

The push by the PBoC has led to the digital wallet exceeding 260 million users early this year and transaction volumes surpassing $11 billion.

The post China’s Digital Yuan Rolled out on Transport Networks in Major Cities appeared first on BeInCrypto.

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Источник: beincrypto.com

china yuan → Результатов: 126

China launches digital yuan promotion across nation

According to reports in the media on Sunday, several cities in China launched digital yuan activities to promote usage during the Spring Festival holidays.

2023-2-6 18:25	Digital Yuan
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2023-1-30 09:45	Digital Yuan
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Alipay set to allow users to test China’s digital yuan

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2021-5-10 12:17
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China to focus on local use for the digital Yuan

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2021-4-20 13:49	USA
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China Enables Digital Yuan P2P Transfers in New Pilot Launch

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Digital Yuan to Fuel China’s Economic Reign – McDonald’s, Starbucks, Subway Test PBoC’s Cryptocurrency

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2020-4-25 23:05	Xi Jinping
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2020-4-24 20:15	Blockchain Bites
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Starbucks, Subway And McDonald’s Set To Test China’s Central Bank Digital Currency

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2020-4-24 17:55	Starbucks
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Report: McDonald’s, Starbucks, Subway Likely to Trial China’s Digital Yuan

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2020-4-24 17:00
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The Latest Cryptoasset Market Update

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2020-4-24 13:50	featured
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Just a Test: China Central Bank Confirms Digital Yuan Mobile App Trials

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2020-4-21 00:15	Digital Yuan
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Bank Of China Says Digital Yuan Will Not Cause Inflation

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2020-4-20 01:00	Cryptocurrencies
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China Will Dry Run Its DCEP in May By Paying State Employees With The Digital Yuan

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2020-4-19 22:56	CBDC
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China's digital Yuan development may have fueled Facebook's Libra 2.0

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2020-4-17 15:30	Trading View
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China Crypto Insider Releases More Details About PBOC’s Digital Yuan Project

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China has suspended the development of its own cryptocurrency due to coronavirus

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Japan’s Finance Minister Sounds China CBDC Warning

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2020-2-19 23:20	Yuan
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Central Bank of China Pumps 300 Billion Yuan Into Financial System, Cuts Loan Rates

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2020-2-18 08:10	Yuan
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People’s Bank of China Has Filed 84 Digital Payment Patents For CBDC’s: Report

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2020-2-14 00:55	Announcements
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Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger

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2020-2-13 16:50	УС
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Japan Lawmakers Proposes Close Coordination with the US over Digital Currency

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2020-2-8 00:02	Blockchain Technology
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Fearing ‘Currency Struggle,’ Japanese Politicians Want G-7 Response to China’s Digital Yuan

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2020-2-7 15:20	CBDCs
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Japanese Lawmakers Want US to Place Digital Currencies on G7 Agenda

In light of China’s forthcoming digital yuan, Japan should push the U.S. to place digital currencies on the G7’s agenda, say local lawmakers

2020-2-8 12:47	Regulation
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Japan's lawmakers urge govt. to collaborate with U.S to tackle digital yuan

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2020-2-7 10:44	Trading View
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Rise of Libra and Digital Yuan Spur Action from Global Powers

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2020-2-6 19:03	Facebook
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China Stocks Plummet Despite 1.2 Trillion Yuan Injection to Mitigate Effects of Epidemic

China’s stock market plunged Monday under selling pressure accumulated during a prolonged holiday. Investors have been worried by the coronavirus outbreak that’s already taken the lives of more than 360 people.

2020-2-4 22:35	Stocks
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China Prints Entire Bitcoin Market Cap in Single Day to Calm Coronavirus Fears

The People’s Bank of China has injected some 1. 2 trillion yuan ($173. 8 billion) to calm markets as coronavirus fears worsen. That’s more than the entire market capitalization of Bitcoin (BTC).

2020-2-4 18:24	Coronavirus
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What Are China’s Goals Behind Its Digital Yuan?

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2020-2-4 18:05
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Cambodia Announces Own Cryptocurrency as More Details Surface About China’s Digital Yuan

With China still in the lead, other countries are advancing their projects to develop payment systems around central bank digital currencies (CBDCs). Cambodia, for example, has recently revealed it will mint its own coin within months.

2020-2-3 07:25
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Cambodia Announces State Cryptocurrency as More Details Surface About China’s Digital Yuan

2020-2-3 07:25
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China’s Crypto Affinity Drops As LocalBitcoin Volume Drops To 2-Year Lows

China’s BTC trading volumes have hit an all-time low in two years with the peer to peer (p2p) exchanges on LocalBitcoin. As of the week of Jan. 25th the trading volumes stagnated at a mere 4. 5 million Yuan ($640000).

2020-1-29 20:38	localbitcoins
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China Advised to Slow Down Its Pace on National Digital Currency

With China reportedly speeding up the development of its national currency, the digital yuan, some researchers and government officials have called on the Chinese government to exercise caution. While Facebook’s Libra might be a threat, there are suggestions that the government should instead work with global regulatory bodies to regulate cryptocurrencies such as Libra.

2020-1-28 12:00	PBoC
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Binance Donates $1.44M to Help Fight China’s Deadly Coronavirus

Binance cryptocurrency exchange has donated 10 million yuan ($1. 44 million) to China through its charity arm, the Binance Charity Foundation (BCF), to aid the fight against the deadly Coronavirus that has claimed many lives in the nation, reports AsiaTimes on January 27, 2020.

2020-1-28 22:00	Coronavirus
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China BTC Volume on LocalBitcoins Hits 2-Year Low, Baidu Searches Dwindle

LocalBitcoins is showing its lowest volume in China in two years. Volume for the popular marketplace hovered at around 4.5 million yuan for the week of Jan 25. This has coincided with a drop in Bitcoin’s search volume on the Chinese search engine, Baidu, which has also hit a new low over the past 30 […] The post China BTC Volume on LocalBitcoins Hits 2-Year Low, Baidu Searches Dwindle appeared first on BeInCrypto.

2020-1-27 12:01	volume
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China’s Digital Yuan will “Certainly Erode the Dollar’s Primacy in the Global Financial Market” – Deutsche Bank Report

The latest research on “The Future of Payments,” by Deutsche Bank titled “Part I. Cash: the Dinosaur Will Survive … For Now,” talks about the existence of cash even though there would be a transition to the digital payments.

2020-1-26 22:39	Bitcoin Innovation
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Japanese Lawmakers to Propose Digital Yen in Response to China’s Digital Yuan

A group of Japanese lawmakers from the country’s ruling Liberal Democratic Party is planning on a proposal for Japan to issue a national digital currency, otherwise known as the digital yen. The need to develop a digital yen would seek to counter China’s digital yuan; meanwhile, more central banks across the globe are either studyingRead MoreRead More.

2020-1-26 02:00	Regulation
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Japanese Lawmakers Are Open to Issuing A Digital Yen To Compete With Libra, Digital Yuan

A group of Japanese lawmakers from the ruling party came forward with the proposal of Japan issuing its own digital currency. It seems China’s determination to create the digital yuan and Facebook’s Libra has alarmed Tokyo more than a little bit.

2020-1-24 20:57	Blockchain Technology
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