Beijing and Suzhou Railways Now Accept Digital Yuan Payments for Fares – Bitcoin News
The Beijing Subway has officially launched a new program that allows passengers to pay for rides using the central bank’s digital currency (CBDC), also known as the digital yuan. The message follows the subway system in east China’s Jiangsu Province in Suzhou City, which also enables digital yuan payments for subway fares.
The digital yuan can now be used to pay for fares on China’s major public transit systems
China’s capital Beijing and the People’s Bank of China (PBOC) have moved quickly to push the adoption of CBDC in the country. There have been a number of red envelope lotteries giving away the digital yuan to citizens, 3,000 ATMs (ATMs) are now enabling digital yuan withdrawals in Beijing, subcontractors are paid at the CBDC in China’s Xiong’an New Area, and Hong Kong is on-line with the CBDC.
In addition, JD.com employees have been paid in digital yuan, and companies like Mastercard, Ant, Tencent, and Alibaba have also looked into the CBDC. Rumor has it that China’s Yuan digital smart card will be very advanced with biometrics and fingerprint scanning. Now, the central bank’s digital currency is invading China’s subways as customers on the Suzhou and Beijing subways can use the CBDC to pay for fares.
The official announcement from Beijing states that the city’s subway operator wants to make the CBDC the “new digital travel experience”. A regional report by the Global Times said the digital yuan is accepted on 24 subway lines and four subway lines in Beijing. In the report, the new service was discussed with an account manager for the Beijing Municipal Commission of Public Transport.
“You need to download a mobile app that is linked to your bank account to access the service,” said the representative.
Suzhou Railway Line 5 was the first subway system in China to accept the digital yuan. According to the Global Times, local reports said that Chengdu has completed the integration of the CBDC system and intends to support the digital yuan in public transportation soon.
Despite all of the aforementioned digital yuan announcements this year, it is still difficult to gauge how much adoption is actually taking place. A report published in mid-May showed that the CBDC’s alleged hotspot in Shenzhen was not widely accepted. The same could be said for Nicolas Maduro and Venezuela’s Petro, which published a variety of government-produced adoption announcements.
The widespread adoption of Petro (PTR) in Venezuela remains extremely lackluster to this day, despite the Venezuelan government announcing that “thousands” of merchants would accept PTR and people would also receive government payments in Petro. With China’s communist government and a massive internet firewall, it’s really hard to tell whether the digital yuan is really thriving or not.
What do you think of the Beijing and Suzhou railways accepting digital yuan for fares? Let us know what you think on this matter in the comments below.
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