Testing the digital yuan is increasingly spreading to the lives of ordinary Chinese citizens, including students at a high school in Hainan Province.
Lu Xun High School Administration provided students special devices and SIM-cards with digital yuan payment functions. China Central Television (CCTV) said the move will further expand the use of e-currency in educational institutions.
The device, which supports payments in the state cryptocurrency of China, uses NFC technology, which allows contactless payments to be made at a short distance from the terminal. The equipment comes with a SIM card for RMB digital payments and phone calls, as students are not allowed to carry mobile phones.
The SIM card data is a joint initiative between the Industrial and Commercial Bank of China and the country’s mobile operator China Mobile. Now in China, the final stage of testing the digital currency of the Central Bank, which has already covered 23 regions, is underway.
About 19 universities and colleges, as well as four middle and high schools, are already participating in testing the state digital currency. The use of the digital yuan has recently been expanded to include various forms of public transport and municipal services: subways, buses, trains, toll highways, taxation, and social insurance.
The Chinese authorities are close to recognizing the digital yuan as an official means of payment. In March, the president of the Nanjing branch of the People’s Bank of China (PBC) proposed that the digital yuan be considered legal tender along with paper notes and coins.
At the same time, the digital yuan may remain just an internal means of payment in China. In March, nine US senators supported a bill aimed at controlling and restricting the use of China’s Central Bank digital currency in cross-border payments.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
