Chinese provinces are taking further steps towards digital yuan adoption as the central bank digital currency (CBDC) continues to be used in education and public transport.
Jiangsu, a coastal province, has announced plans to launch a platform for citizens to pay education and exam fees using the digital yuan.
It will also enable scholarship grants to be paid out in CBDC, and all provincial-level schools will be required to promote at least one digital yuan application project.
Jiangmen, a city in Guangdong Province, has announced that digital yuan payments will now be accepted on all its public buses.
The update follows a successful pilot on several routes serving factories and schools. CBDC wallet holders can enjoy “full digital yuan coverage” when paying their fares on the city’s buses.
BNP Paribas China and Bank of China have also partnered to allow BNP Paribas China’s corporate clients to pay in digital yuan via a CBDC management platform. As China continues to push for digital yuan adoption, the CBDC is expected to find new use cases in various sectors.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry. She is passionate about helping to foster the growth of the industry and believes in the power of blockchain technology to revolutionize the world.
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