Jinan, The Chinese City Accepts CBDC Payments For Bus Rides

July 4, 2023

Digital Yuan

By implementing digital yuan payments on all of its bus lines, Jinan, the capital of eastern China’s Shandong Province, has begun promoting the adoption of the nation’s central bank digital currency (CBDC).

The city evaluated the implementation of CBDC payments on two bus lines during its trial period and declared that it has adopted the new payment system across the board for its entire bus network after the trial period. The city of Jinan has updated all of its card readers and bus route software to allow patrons to pay using the county’s CBDC, according to a recent report from the local media outlet Shunwang-Jinan Daily.

By offering passengers who choose the CBDC payment option a fee discount, the city is also encouraging the use of the digital yuan. The action is a component of a larger campaign to encourage China’s adoption of the digital yuan. The Chinese city of Changshu declared on April 23 that it would start paying government servant wages in digital yuan. All levels of employees in the government, public institutions, and state-owned businesses would begin receiving their paychecks through the country’s CBDC in May, according to the announcement.

In addition to bus fares and government employee pay, the nation has also put the CBDC into effect for its Belt and Road plan and cross-border trades. A strategy to promote the CBDC in cross-border trade was unveiled on April 24 in the Chinese city of Xuzhou. The city is the starting point for trains that transport cargo to Europe. To encourage the usage of the digital yuan, the Bank of China (BOC) and the French bank BNP Paribas have formed a partnership.

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