Multiple sources claim that China officially started rolling out its next round of central bank digital currency pilot program (CBDC). It is now possible to use the digital currency (e-CNY), CBDC, on 10 public bus routes in Guanzhou. This is a first for China. To pay for their bus ride, passengers can download the eCNY app and deposit funds.
Similar to the previous day, Ningbo announced that passengers can now use e-CNY to pay for their subway rides at 125 stations. Ningbo is China’s ninth city to implement the e-CNY pilot program in its subway lines. Passengers can scan the QR code and pay for their journey.
This year, the Chinese government has quickly expanded the use of the eCNY. It was possible to pay for contributions to employee housing funds in Guangzhou using the CBDC. In order to boost consumer spending in the face coronavirus lockdowns strict, the government partnered up with Meituan, e-commerce platform JD.com and created e-CNY airdrops that can only be used at the listed venues.
Over 6 million users had placed orders with e-CNY funds via Meituan in its June 20 data update. JD.com reported that it had processed over 4 million ecommerce transactions in July. This is approximately 900 million CNY ($131.6 Million) since JD.com began accepting e-CNY tenders. In the first five months 2022, e-CNY transactions worth approximately 830 billion dollars ($121.4 billion), were reported.
