The city of Jinan in China's Shandong Province has introduced digital yuan payments on all its bus routes.
Chinese City Jinan is Encouraging the Use of the Country's Central Bank Digital Currency (CBDC)
The city of Jinan in China's Shandong Province has introduced digital yuan payments on all its bus routes.
Before adopting the new payment system across its whole bus network, the city of Jinan tested CBDC payments on two bus routes. The city has upgraded all of its card readers and bus route software to make it easier for people to utilize the digital yuan. The city is encouraging the use of the country's central bank digital currency (CBDC) by offering fare discounts to riders who pay with it.
This action is a part of a larger campaign to encourage China's adoption of the digital yuan. Changshu, a city in China, declared in April that it will start paying civil servant salaries in digital yuan.
Additionally, China has put its CBDC into effect for international trade and its Belt and Road plan. The Bank of China (BOC) and the French bank BNP Paribas have teamed up to promote the usage of the digital yuan, enabling BNP Paribas' corporate clients to interact with the BOC's system for real-time transactions.
