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.