{"id":17471,"date":"2023-06-02T21:46:28","date_gmt":"2023-06-03T01:46:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/more-china-cbdc-public-transport-options-unveiled\/"},"modified":"2023-06-02T21:46:30","modified_gmt":"2023-06-03T01:46:30","slug":"more-china-cbdc-public-transport-options-unveiled","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17471","title":{"rendered":"More China CBDC Public Transport Options Unveiled"},"content":{"rendered":"
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Digital yuan payment adoption is stepping up in China ahead of the Asian Games, with venue cities rolling out a range of central bank digital currency (CBDC) transport options.<\/p>\n

Per Shanghai Securities News, preparations are in advanced stages in the host city of Hangzhou, Zhejiang Province.<\/p>\n

The city was slated to host the event in September last year, but the games were eventually delayed by a year due to the coronavirus pandemic.<\/p>\n

The Central People\u2019s Bank of China (PBoC) has updated its official digital yuan app to feature a \u201cride code\u201d function.<\/p>\n

This allows smartphone users to scan their devices on the Hangzhou Metro.<\/p>\n

The metro system will automatically deduct transport fee payments from metro users\u2019 e-CNY wallets.<\/p>\n

Five Asian Games events, including baseball and volleyball, will be held in the nearby city of Shaoxing.<\/p>\n

The Shaoxing Metro will also accept digital yuan ride code payments, the PBoC said.<\/p>\n

And the ride code system will also be unveiled on the Hangzhou-Hai Intercity Railway.<\/p>\n

The railway is a transport network that connects major Zhejiang Province cities like Haining with Hangzhou.<\/p>\n

Why Does China Want to Dazzle with its Digital Yuan at the Asian Games?<\/h2>\n

The PBoC had hoped to give the CBDC its first international showcase at the 2022 Winter Olympics, held in Beijing in February last year.<\/p>\n

But the COVID pandemic forced it to scale down its plans, with only athletes and coaches allowed to attend the event.<\/p>\n

Regardless, competitors were encouraged to use the coin at the event.<\/p>\n

They were handed free, commemorative e-CNY hard wallets in a bid to spur adoption.<\/p>\n

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The Asian Games will be China\u2019s first major international sporting event since the pandemic.<\/p>\n

And it will be the first since the CBDC pilot reached its current, advanced stage.<\/p>\n

Last year, the city of Ningbo, in Zhejiang Province, announced that all 125 of its metro stations accept digital yuan-powered fee payments at ticket barriers.<\/p>\n

Earlier this year, the PBoC made another update to its official digital yuan app.<\/p>\n

This allowed citizens to make electricity-free digital yuan payments.<\/p>\n

The update means people in the pilot zone can use their smartphone\u2019s hardware to pay transport fees and make micropayments when their handsets are powered off.<\/p>\n

They can also use the same innovation to pay when they have no network coverage, the PBoC stated.<\/p>\n<\/p><\/div>\n