China's CBDC adoption is moving ahead as planned, with several cities testing a new electronic payment method that lets users pay for their transport fares using digital yuan.
The product is coming first to the city of Chengdu and will be developed by the Digital Research Institute, the Chengdu Longquanyi District Education Bureau and Tianfutong Financial Services.
The Rural Commerce Bank of Zhangjiagang, located in China's Suzhou province, has issued the first-ever digital yuan loan backed by intellectual property as collateral.
Lan Zhou noted that the CBDC had an impressive level of adoption across the test sites—citing that as of May, Chinese consumers had done a cumulative 264 million transactions amounting.
The airdrop is a joint effort with Meituan Dianping, one of China's leading food delivery apps, according to a statement from Shenzhen authorities.
U.S. senators have proposed a bill that will prohibit application stores like Google and Apple from hosting apps supporting digital yuan as a payment method.
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.
An unknown user of NFT China marketplace has reportedly minted a copyrighted artwork of Ma Qianli, which features a cartoon tiger receiving a vaccine shot, according to local media outlets.
The U.S. dollar makes up 51% of central bank reserves, while the CNY only takes up 2%. Also, the U.S. dollar is involved in 88% of global FX transactions, a figure that remained stable for 20 years.
Four state-owned banks issued a new batch of digital yuan coupons in Beijing, which officials said can be used for deliveries, supermarkets, laundries, bookstores, and even public transportation.
An e-CNY enterprise zone is to be launched by the Municipal Administrative Center of Beijing to explore the digital renminbi financial system in Beijing.