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Last Tuesday, China officially began the second phase of testing its national digital currency (CBDC).
The token of the People’s Bank of China will be used when paying for public transport in the city of Guangzhou.
Payment in digital yuan will be available on ten bus routes. Test participants must install a mobile application on smartphones and replenish digital wallets. You can pay for the trip by scanning the QR code on the bus.
Another Chinese metropolis, Ningbo, has joined the second stage of CBDC testing. The service of paying for travel using the digital yuan has become available in the city subway.
The payment mechanism is also carried out using a QR code.
Recently, the People’s Bank of China reported that from January to June 2022, as part of the testing of the digital yuan, Chinese citizens carried out transactions with a token totaling more than 830 billion yuan (about $ 121.4 billion).
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