Next Phase of China’s e-CNY Testing Commences

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Chinese citizens can now pay for their public transportation fares with China’s central bank digital currency (CBDC) dubbed the e-CNY. Based on gathered reports, China has officially commenced the launch of its next round of CBDC’s pilot testing. For now, the use of e-CNY for the payment of transportation fares is active in several Chinese cities.

According to Qianjia, it was confirmed that Guangzhou Transportation launched a pilot function that will permit citizens to pay for bus fares with the digital RMB payment code. The payment will be carried out using the digital RMB app and has 10 bus lines listed. Currently, the already listed bus lines are Tourism Line 1, 62, 131B, Tourist Bus Line 2, 287, 107, 243, 541, 222, and 230.

The digital RMB app can be downloaded by interested users through the mobile application store. After it has been downloaded, customers can access the payment code which will then be scanned on the scanning area provided in the bus terminal. Guangzhou is the first city where this service has been tested.

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It is rumored that the digital asset bus payment option is also available in the city of Ningbo. People who patronize the subways can now pay for rides with the e-CNY. Active in 125 stations, subway surfers can now scan and pay with the country’s CBDC.

China’s e-CNY Expansion

The Chinese government is doing quite a lot in terms of its CBDC expansion. 

A few weeks ago, the Bank of China (BoC) inaugurated a program to bridge the gap between elementary school education and smart contracts. The deal which is a collaboration between local education institutions, financial institutions, and parents of students, utilizes the digital RMB pilot program.

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Following the launch of the program, parents can pay for their children’s after-school and extracurricular activities with the digital yuan. Likewise, in the city of Guangzhou, employees’ housing fund is paid for using the CBDC. The government has also collaborated with Meituan, a food delivery giant, and JD.com, an e-commerce platform to develop an e-CNY airdrop.

So far, a huge number of e-CNY transactions have been recorded.

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