{"id":9002,"date":"2021-07-01T07:54:21","date_gmt":"2021-07-01T07:54:21","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/beijing-and-suzhou-railways-now-accept-digital-yuan-payments-for-ride-fares\/"},"modified":"2021-07-01T07:54:21","modified_gmt":"2021-07-01T07:54:21","slug":"beijing-and-suzhou-railways-now-accept-digital-yuan-payments-for-ride-fares","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/beijing-and-suzhou-railways-now-accept-digital-yuan-payments-for-ride-fares\/","title":{"rendered":"Beijing and Suzhou Railways Now Accept Digital Yuan Payments for Ride Fares"},"content":{"rendered":"

Beijing subway has officially launched a new program that allows passengers to pay for rides with the central bank digital currency (CBDC) also known as the digital yuan. The news follows the subway system in East China\u2019s Jiangsu province in the city of Suzhou which also allows digital yuan payments for subway fares.<\/strong><\/p>\n

Digital Yuan Can Now Be Used to Pay for Fares on China\u2019s Major Public Transport Railways<\/h2>\n

China\u2019s capital of Beijing and the People\u2019s Bank of China (PBOC) has been moving fast in regard to pushing CBDC adoption in the country. There\u2019s been a bunch<\/a> of red envelope lotteries<\/a> giving the digital yuan away to citizens, 3,000 automated teller machines<\/a> (ATMs) now allow digital yuan withdrawals in Beijing, subcontractors are being paid<\/a> in the CBDC in China\u2019s Xiong\u2019an New Area, and Hong Kong is connecting<\/a> with the CBDC.<\/p>\n

On top of all that JD.com employees have been paid in the digital yuan<\/a> and firms like Mastercard, Ant, Tencent, and Alibaba have been engaging with the CBDC as well. Rumor has it that China\u2019s digital yuan smart card will be very advanced by featuring biometrics and fingerprint scanning<\/a>. Now the central bank\u2019s digital currency is invading China\u2019s subways as customers in Suzhou\u2019s and Beijing\u2019s subway rails can pay for fares with the CBDC.<\/p>\n

Official announcement for the Beijing subway system.<\/p>\n

The official announcement<\/a> stemming from Beijing explains that the city\u2019s subway operator aims to make the CBDC fuel the \u201cnew digital travel experience.\u201d A regional report<\/a> from the Global Times says the digital yuan is accepted at 24 subway railway lines and four suburban railway lines in Beijing. The report discussed the new service with a Beijing Municipal Commission of Public Transport customer service representative.<\/p>\n

\u201cYou need to download a mobile app that is linked with your bank account to access to the service,\u201d the representative stressed.<\/p>\n

The railway line 5 in Suzhou was the first subway system in China to start accepting the digital yuan. According to the Global Times, local reports say that Chengdu has finished integrating the CBDC system and aims to support the digital yuan in public transport soon.<\/p>\n

<\/p>\n

Despite all of the aforementioned digital yuan announcements made this year, it\u2019s still hard to estimate how much adoption is really happening. A report<\/a> published in mid-May had shown that the CBDC\u2019s alleged hotspot in Shenzhen was not seeing widespread acceptance. The same could be said for Nicolas Maduro and Venezuela\u2019s petro which saw a variety of government-produced adoption announcements.<\/p>\n

Widespread petro (PTR) acceptance in Venezuela is extremely lackluster to this day<\/a> even though the Venezuelan government announced \u201cthousands\u201d of merchants would accept PTR and people would get government payments in petro as well. With China\u2019s communist government and massive internet firewall, it\u2019s really hard to say whether or not the digital yuan is really thriving.<\/p>\n

What do you think about Beijing\u2019s and Suzhou\u2019s railways accepting digital yuan for ride fares? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, beijing, Beijing Railway, Beijing Subway, CBDC, CBDC payments, Chengdu, China, Chinese citizens, digital payments, digital travel, Digital Yuan, East China, Jiangsu province, PBOC, Railway, red envelopes, shenzhen, Subway, Subway sytem, Suzhou<\/p>\n","protected":false},"excerpt":{"rendered":"

Beijing subway has officially launched a new program that allows passengers to pay for rides with the central bank digital currency (CBDC) also known as the digital yuan. The news follows the subway system in East China\u2019s Jiangsu province in the city of Suzhou which also allows digital yuan payments for subway fares. Digital Yuan…<\/p>\n","protected":false},"author":0,"featured_media":9003,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9002"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9002"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9003"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}