Topic: Chinese city now accepts CBDC payments for bus rides - page 4. (Read 415 times)

This should be placed in somewhere else then altcoins. Connecting CBDCs (especially China's version) with cryptocurrencies is quite misleading. It's more like cautionary tale for /Economics or /Politics & Society

Later they will declare CBDC as mandatory, only way to pay anything, but before that they need to provide education and possibility to use it for all citizens. And that's going to be a massive operation that takes some time.

What I'm more interested in is the use of their CBDC in cross-border for their international trades. The belt and road initiative connecting various countries in Asia, Africa and Europe seems to be progressing well so I can see how digital yuan could be quickly adapted.

I think this topic belongs on the Economics section more than here because it's not about Bitcoin.
I'm not surprised that China's encouraging people to use their CBDC because it's a way of performing even more control over citizens than they normally do. These transactions are more traceable, while giving people the illusion that they're using something similar to cryptocurrencies. Fare discounts are probably a good way to promote a CBDC, but I hope people will be careful with using it. Surveillance is already too much in China even without a CBDC.

I hope you understand that CBDC is not cryptocurrency not to talk about having something related to bitcoin, this discussion is what you would have best post the thread on politics and society board or economics board where their could be proper discussions on the subject matter, this is bitcoin discussion board and CBDC is nothing but a digital version of fiat currency owned and controlled by the government.

Jinan, the capital of eastern China’s Shandong Province, has started encouraging the adoption of the country’s central bank digital currency (CBDC) by introducing digital yuan payments across all its bus routes.

In its pilot phase, the city tested the introduction of CBDC payments on two bus lines. Following the trial period, the city has announced that it has implemented the new payment method for its entire bus network.

Local media outlet Shunwang-Jinan Daily recently reported that the city of Jinan has updated all its card readers and bus route software to allow passengers to pay using the county’s CBDC.

The city is also incentivizing the use of the digital yuan by giving fare discounts to passengers who opt for the CBDC payment method. According to the announcement, each person could get up to two discounted rides per day and a maximum of six discounted rides in a month if they choose to pay with the digital yuan.

The move is part of a broader push to promote the adoption of the digital yuan in China. On April 23, the Chinese city of Changshu announced it would begin paying civil servant salaries with the digital yuan. The announcement noted that all levels of personnel in public service, public institutions and state-owned units would be paid in the country’s CBDC from May.

Apart from bus rides and civil servant salaries, the country has also implemented its CBDC for its Belt and Road initiative and cross-border trades. On April 24, a plan to promote the CBDC in cross-border trade was issued in the Chinese city of Xuzhou. The city serves as a departure point for trains carrying goods to Europe.

Meanwhile, French bank BNP Paribas has also recently partnered with the Bank of China (BOC) to promote the use of the digital yuan. On May 5, local media outlet the South China Morning Post reported that the partnership would allow BNP Paribas’ corporate clients to connect with BOC’s system, enabling the use of the digital yuan for real-time transactions.

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