The Beijing Rail Transit has launched a pilot program for the acceptance of the digital yuan, Chinese central bank-backed digital currency, as payment. The pilot program is yet another one on the long list of such programs that the Chinese government is carrying out. Users with a bank account with the Industrial and Commercial Bank of China (ICBC) will be able to swipe at the transit gates to make the payment.
The bank is working on offering bitcoin exchange services at ATMs in Beijing.
The Industrial and Commercial Bank of China is one bank with a high degree of focus on introducing the digital yuan to customers. It’s already working on offering bitcoin exchange services at ATMs in Beijing. The payment system makes use of the Yitongxing app and works with 24 railway lines at the Beijing Rail Transit system, in addition to four suburban railways. Calling the experience “an important manifestation of social responsibility,” the notice says that the Beijing Rail Transit will continue to look at new use cases for the digital renminbi, including more ticket sales and use at gates.
The People’s Bank of China continues to test the digital yuan.
China is well into its effort to integrate the digital yuan at many levels of its economy. The country has already launched pilot programs in several districts to test the currency at the retail level, with these programs handing out the CBDC to a random selection of users. Officials have said that these tests have proven successful, which is not altogether surprising, as Chinese citizens are quite tech-savvy. The People’s Bank of China is also testing cross-border payments and wholesale payments initiatives, which could see more news by the end of the year.