The new update will allow users of the digital yuan app to top-up via Mastercard and Visa payment options as People’s Bank of China seeks to position the CBDC to compete with other payment platforms in the country.
As digital renminbi uses the latest network and mobile payment technology, the director of the Digital Currency Research Institute of the PBoC Mu Changchun eyes using it for all retail transactions.
The country is now testing the digital yuan—e-CNY—for use in payments of tax, stamp duty, and social security premiums with Zhejiang, a province in Eastern China, pioneering the effort.
The Chinese city of Suzhou has announced that it will be holding a $5 million airdrop of China's central bank digital currency the DC/EP.
