Beijing's Transportation Industry Undergoes Transformation With Digital Yuan Adoption.

Beijing’s Transportation Industry Undergoes Transformation With Digital Yuan Adoption.

China has continued to enlarge its plans as regards the central bank digital currency (CBDC) with the latest being the introduction of remittances for transportation fares with digital yuan. The Wednesday pronouncement stated that Beijing has started a test program which will offer citizens traveling on public conveyance opportunity to use the digital yuan for payments during travel at railway stations selected for the test.

A representative of the Beijing railways stated that citizens who would participate in the trial must have account with a particular top Chinese commercial bank which was selected for the purpose. The bank had been one of the active participators in the CBDC scheme. The public notice also mentioned that authorities in charge of the rail stations will encourage the use of digital yuan in different ways in other to maximize the novel digital yuan encounter during travel.

The announcement however followed immediately after a city in one of the Chinese provinces commenced the use of digital yuan for travel remittances. Suzhou situated in Jiangsu province was the city and has garnered the first place position amongst Chinese cities as regards offering digital yuan remittance services to passengers.

Beijing however is the hub for digital yuan tests and similar schemes. In the middle of June this year, Beijing acquired many automated teller machines (ATMs) that support digital yuan. Customers are able to pay in or retrieve digital yuan from these ATMs. The Chinese authorities earlier stated that about $6.2 million in digital yuan would be shared amongst citizens who reside in Beijing.


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