{"id":29471,"date":"2023-06-30T02:11:56","date_gmt":"2023-06-30T06:11:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/chinese-firms-use-cbdc-to-pay-electricity-bills\/"},"modified":"2023-06-30T02:11:58","modified_gmt":"2023-06-30T06:11:58","slug":"chinese-firms-use-cbdc-to-pay-electricity-bills","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29471","title":{"rendered":"Chinese Firms Use CBDC to Pay Electricity Bills"},"content":{"rendered":"
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Energy providers in China are adding digital yuan payment options, allowing companies and individuals to settle their bills in the nation\u2019s central bank digital currency (CBDC).<\/p>\n

Per the news outlet Dizo, the city of Suzhou\u2019s Xiangcheng District\u2019s drainage and sanitation companies recently used the digital yuan to settle a power bill of around $83,000.<\/p>\n

Adoption efforts are being spearheaded by the State Grid Corporation of China (SGCC).<\/p>\n

The SGCC is the nation\u2019s biggest (and the world\u2019s third-largest) power provider.<\/p>\n

The SGCC\u2019s Xiangcheng District affiliate, the local finance bureau, and the city\u2019s business support center say they have set up \u201ca working group\u201d that will help corporate users and local government organs settle their bills using the CBDC.<\/p>\n

The group said it would \u201ccontinue to promote\u201d e-CNY application scenarios in the energy sector.<\/p>\n

And it wants to \u201ccontinue to expand\u201d the ways customers can use the digital yuan to pay for power.<\/p>\n

State-owned public utility providers said they will \u201cactively\u201d help firms and individuals understand the \u201cdifferences\u201d between traditional and digital yuan payment methods.<\/p>\n

They added that they would also hold \u201cin-depth\u201d workshop-type sessions to explain CBDC payment processes.<\/p>\n

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Chinese Firms Use CBDC to Pay Power Bills, Olympic Venues in Adoption Drive<\/h2>\n

The same media outlet also explained that a local metals firm, the Suzhou Chuangtai Alloy Materials Company, also used its digital yuan wallet to pay an electricity bill of about $73,000.<\/p>\n

The SGCC\u2019s local office also pledged to implement \u201cfull coverage\u201d of digital yuan energy payments in the city.<\/p>\n

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Meanwhile, the Zhangjiakou Daily (via Hebnews) reported that the city of Zhangjiakou, which hosted events during the 2022 Winter Olympic Games, will roll out a range of digital yuan applications.<\/p>\n

The city\u2019s Olympic Games-related facilities are being repurposed for use in the leisure sector.<\/p>\n

Many of these will be refitted to allow visitors to pay for goods, facility usage, and other services using the CBDC.<\/p>\n

A wide range of businesses in the city \u2013 including supermarkets, farmers\u2019 markets, and restaurants \u2013 will start accepting digital yuan payments.<\/p>\n

The city\u2019s pension systems, trade union branches, and housing agencies will also start using IT solutions that let them make and receive e-CNY payments.<\/p>\n

Earlier this week, the Chinese Ministry of Human Resources and Social Security said it plans to \u201cexplore and promote\u201d projects that may \u201cadd digital yuan payment functions\u201d to citizens\u2019 social security cards.<\/p>\n

The nation has also been piloting network- and electricity-free CBDC payments on public transport networks.<\/p>\n<\/p><\/div>\n