Jinan, the capital of Shandong Province in eastern China, has begun promoting the adoption of the country’s central bank digital currency (CBDC) by implementing digital yuan payments on all of its bus routes.
The city implemented CBDC payments on two bus lines during the demonstration phase. Following the trial period, the city announced that the new payment method had been implemented across its entire bus network.
Recently, the Shunwang-Jinan Daily reported that the city of Jinan has updated its card readers and bus route software to enable passengers to pay with the county’s CBDC.
The city also encourages using the digital yuan by offering discounted fares to passengers who pay with CBDC. According to the announcement, digital yuan users could receive up to two discounted journeys per day and six discounted rides per month.
The action is part of a more significant effort to promote the digital yuan’s adoption in China. The Chinese city of Changshu announced on April 23 that it would begin paying civil servant salaries in digital yuan.
Starting in May, all levels of personnel in the public service, public institutions, and state-owned entities will be delivered in the CBDC.
In addition to bus transportation and salaries for government employees, the country has implemented its CBDC for its Belt and Road initiative and cross-border trades.
In the Chinese city of Xuzhou, a plan to promote the CBDC in cross-border commerce was issued on April 24. The town is the departure point for freight trains bound for Europe.
Similarly, the French bank BNP Paribas recently partnered with the Bank of China (BOC) to promote the use of the digital yuan.
The South China Morning Post reported on May 5 that the partnership would enable BNP Paribas’ corporate clients to connect with BOC’s system, allowing the digital yuan to be used for real-time transactions.
