Beijing Railway Transport tests digital yuan payments
Beijing Railway Transport Co., Ltd Start up a pilot program to accept payments in digital yuan (CBDC) from the central bank. Specifically, it is used to pay for train tickets on many rail lines. This is a pilot program that is part of a long list of programs that the Chinese government is running.
Users with accounts with the Industrial and Commercial Bank of China (ICBC) can swipe their payment cards at the transit gates. ICBC is focused on introducing the digital renminbi to its customers, including providing cash and digital renminbi exchange services at Beijing ATMs.
The payment system uses the Yitongxing app and works with 24 lines of the Beijing Railway’s transportation system, in addition to four suburban lines.
The announcement said the Beijing Railway Company will continue to explore new use cases for the digital yuan, including selling and using more tickets at the gates.
With the use of CBDCs in public transportation systems, it is possible that China will experience much greater acceptance in the next few months. Officials have promoted the benefits of digital currency, taking many steps to digitize the economy.
China’s CBDC is widespread
China is working to integrate CBDCs at many levels of its economy. They have launched retail-level pilot programs in several counties that randomly distribute CBDCs to a selected number of users. Officials have said these tests have proven successful, which is not surprising given that Chinese citizens are quite tech-savvy.
China’s central bank is also testing a number of cross-border payments and wholesale payments initiatives that may have more news later this year. No exact date has been given for the official launch, but it will most likely be released in 2022.
According to Beincrypto