e-CNY

According to various reports, on Tuesday, August 23, China entered the next phase of the pilot test for its central bank digital currency. The public transport system in the city of Guangzhou now accepts digital yuan (e-CNY) payments for bus fares. Guangzhou Transportation launched a digital RMB payment code that residents can use to pay for rides. Passengers first need to download the Digital RMB app and fund their accounts. Then they can simply scan the QR code displayed in…

State-owned institution Bank of China has just rolled out an educational program that incorporates the nation’s digital Yuan and smart contracts. The Bank of China hopes the new feature could help mirror the possibility of using smart contracts in payments. The central bank's announcement emerged on Tuesday, August 16 via local news outlet Sohu.com. The Longquan Education and Training Program According to the report, the country's decision to leverage smart contract technology in the education sector is the latest in…

The deputy governor of the People’s Bank of China, Li Bo, confirmed that foreign visitors and athletes would be able to use China’s digital currency dubbed as the electronic Chinese yuan (e-CNY) during the 2022 Winter Olympics. Going Global China hopes to make e-CNY an international digital currency and a convenient alternative to the regular dollar as a marketing stunt. Unleashing the CBDC during the competitions could also assist the country in maintaining monetary sovereignty as regions such as Beijing,…