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China tests its cryptocurrency in Beijing subway

China tests its cryptocurrency in Beijing subway

Beijing, Jun 30 (Prensa Latina) China advanced in the use of its cryptocurrency by allowing paying with it for the rates and services offered on all lines of the Beijing subway.
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From this day on, passengers of the subway have the option of using the so-called digital yuan, which has been subjected to pilot tests in several cities in the country since mid-2020.

Those who choose the payment variant simply have to register as users in the Commercial and Industrial Bank of China and follow the instructions given.

According to reports, the Beijing subway plans to further expand the use of the currency ‘to optimize the travel experience for passengers.’

China took a bigger step in trials with the digital yuan last May by introducing it to its first ever international consumer products expo in Hainan, turned into a luxury goods showcase, with the Central Bank allowing the participants in the event to settle accounts with the system.

The organization also included seven commercial banks and e-commerce platforms Eleme, Hema and Tmall Supermarket in the trials, as well as launching the mobile currency app, allowing users to make payments, withdraw and transfer money via their telephone.

According to experts on the subject, China’s cryptocurrency is based on blockchain technology – which prioritizes anonymity – will be backed in gold, and will have a system to contribute to the country’s growth and solve financial problems.


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