Jinan, the capital of eastern China’s Shandong Province, is taking a major step towards the adoption of the digital yuan by making it possible to pay for bus rides with the CBDC on all of its routes.
Jinan has updated all of its card readers and bus route software to allow passengers to pay using the digital yuan, according to local media outlet Shunwang-Jinan Daily.
To encourage the use of the digital yuan, the city of Jinan is offering fare discounts to passengers who pay for bus rides with the CBDC. The city of Jinan is offering a limited-time promotion where passengers can get up to two discounted rides per day and a maximum of six discounted rides in a month if they pay for bus rides with the digital yuan.
Changshu is taking a leading role in promoting the adoption of the digital yuan by becoming the first city in China to pay civil servant salaries with the CBDC.
In China, the digital yuan is being more widely utilized for a range of transactions, including bus fares, government employee pay, the Belt and Road project, and international trade.
Businesses are finding it simpler to use the digital yuan for cross-border trade in Xuzhou, a Chinese city that serves as the starting point for trains delivering products to Europe.
BNP Paribas is staying ahead of the curve by collaborating with the Bank of China as the digital yuan gains popularity in the international financial system. The agreement may make it simpler for BNP Paribas’ clients to conduct business in China by enabling them to use the digital yuan for real-time transactions.