Shenzhen, aiming for a widespread digital yuan adoption, Shas unveiled an industrial park housing various financial institutions that will serve as the key to facilitating payment solutions using e-CNY.
Aside from the CBDC functionality, the Bank of China stated that the SIM cards may support several applications, including access control, car keys, and a digital identity system.
Regional Chinese governments have handed out over 180 million yuan ($26.5 million) during the Chinese Lunar New Year, aiming to "promote consumption" amongst citizens.
Digital yuan's smart contract functionality was integrated into the food delivery app Meituan, allowing users of the digital yuan to automatically compete in a raffle draw.
Including digital yuan data in the final report is a clear statement of intent by the PBoC to move with a full-scale launch of the CBDC.
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.
