Chinese city of Jinan Embraces CBDC Payments for Bus Rides, Taking a Step Towards Digital Currency Adoption

Jinan, the capital of Shandong Province in eastern China, has taken a significant step towards digital currency adoption by embracing the use of the country’s central bank digital currency (CBDC) for payments on all its bus routes.

Initially introduced as a pilot program on two bus lines, the CBDC payment system has now been implemented across the entire bus network in Jinan, according to local media outlet Shunwang-Jinan Daily.

To encourage the adoption of the digital yuan, the city is offering fare discounts to passengers who choose to pay with the CBDC. Passengers can enjoy up to two discounted rides per day and a maximum of six discounted rides per month when using the digital yuan.

This move aligns with China’s broader efforts to promote the digital yuan across various sectors. In April, the city of Changshu announced that civil servant salaries would be paid in the digital yuan, covering personnel in public service, public institutions, and state-owned units.

China has also been utilizing the CBDC for its Belt and Road initiative and cross-border trades. In Xuzhou, a city serving as a departure point for goods transported to Europe by train, a plan was issued to promote the use of the digital yuan in cross-border trade.

Furthermore, BNP Paribas, a French bank, recently partnered with the Bank of China (BOC) to facilitate the adoption of the digital yuan. The partnership allows BNP Paribas’ corporate clients to connect with the BOC’s system, enabling real-time transactions using the digital yuan.

With the acceptance of CBDC payments for bus rides in Jinan, the city aims to drive the widespread use of digital currency, showcasing China’s commitment to advancing its digital economy and further integrating the digital yuan into everyday transactions.

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