In China, cities start piloting e-CNY payment in public transport systems
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.
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China: Bank testing e-CNY smart contract-enabled school fee payment in Sichuan
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.
Chinese municipal bank issues first digital yuan loan holding IP as collateral
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.
PBoC to onboard more provinces and cities to China’s CBDC platform
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.
Shenzhen gives away free 30M digital yuan to attract consumer spending
The airdrop is a joint effort with Meituan Dianping, one of China's leading food delivery apps, according to a statement from Shenzhen authorities.
US senators propose to bar apps supporting digital yuan payments from app stores
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.
China trials tax and charge payments with digital yuan
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.
Chinese court makes first public ruling involving NFTs
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.
Will China’s digital yuan unseat the US dollar?
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.
China releases new digital yuan coupons ahead of 2022 Olympics
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.
Beijing joins digital currency pilot testing with e-CNY enterprise zone
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.
Beijing underground rolls out full integration of CBDC for payments
The city’s railway announced last week that the digital yuan, or e-CNY, would be available immediately at 428 stations across its 24 lines, in a significant upgrade to the scope and scale of the pilot scheme.