HomeNewscoinquora.comChina Starts Accepting Digital Yuan Payments

China Starts Accepting Digital Yuan Payments

- Advertisement -


  • China starts accepting digital yuan payments.
  • Tong Ren Hospital is the first pilot institute for digital RMB.
  • Prior to Shanghai, trials initiated across selected Chinese cities.

Automatic vending machines of Shanghai metro stations now accept digital yuan or renminbi (RMB) payments, according to Cai Lian News Agency report.

China’s huge efforts to digitize its national currency have shown to be very effective. However, as the country started to see more real-life use cases for the digital yuan. Moreover, the digital yuan have been piloted in different situations including shops and hospitals across the city.

Shanghai’s Metro Stations Now Accepting Digital Yuan

Automatic vending machines in some metro stations in Shanghai now accept digital yuan as payments. At the moment, only invited users can try digital yuan. Before the Spring Festival holidays, banks issued “red envelopes” of digital RMB to users in a test.

Added to this, one bank sent “red envelopes” worth 30 yuan ($4.65) each to clients as part of a test. Moreover, there were no large-scale businesses among those participating in the test.

Tong Ren Hospital is the first pilot institute for digital RMB. However, the Hospital affiliated with the Shanghai Jiao Tong University School of Medicine started the payment channel for the digital currency in early January.

In addition, all the 2,000 medical staffers at the hospital can use bank cards that store digital RMB to pay for their meals. Furthermore, the digital renminbi is expected to be launched in other situations at hospitals. Especially for registration with the hospital and payment for medical treatment.

Compared with banknotes, digital RMB is more traceable and controllable. Moreover, benefiting the fight against money laundering, terrorist financing, tax evasion, and corruption, as per Li Feng, a professor with the China Academy of Financial Research of Shanghai Jiao Tong University.

Furthermore, the offline scenario test in Shanghai will continue till the end of February. Prior to Shanghai, trials for Digital Currency/Electronic Payment (DCEP) have been initiated across selected Chinese cities. Even more, the cities include Suzhou in East China’s Jiangsu Province and Shenzhen in South China’s Guangdong Province.

Recently, China is testing its digital yuan currency in the City of Beijing. This is to prepare for the forthcoming Winter Olympic Games in 2022.

20201016023142aff i?offer id=10&file id=543&aff id=26183

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
471FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,287FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 62,004.00
ethereum
Ethereum (ETH) $ 2,446.94
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 1,065.83
litecoin
Litecoin (LTC) $ 309.86
eos
EOS (EOS) $ 8.25
okb
OKB (OKB) $ 19.68
tezos
Tezos (XTZ) $ 7.20
leo-token
LEO Token (LEO) $ 2.24
cardano
Cardano (ADA) $ 1.43
monero
Monero (XMR) $ 345.10
stellar
Stellar (XLM) $ 0.608528
chainlink
Chainlink (LINK) $ 41.07
huobi-token
Huobi Token (HT) $ 20.80
tron
TRON (TRX) $ 0.160325
usd-coin
USD Coin (USDC) $ 0.999372
dash
Dash (DASH) $ 380.10
neo
NEO (NEO) $ 83.04
iota
IOTA (MIOTA) $ 2.53
nem
NEM (XEM) $ 0.450689
zcash
Zcash (ZEC) $ 266.75
maker
Maker (MKR) $ 3,454.29
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 37.55
vechain
VeChain (VET) $ 0.210331
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 53.86
kucoin-shares
KuCoin Token (KCS) $ 13.21
waves
Waves (WAVES) $ 16.52