China’s CBDC Trials Reach Beijing Subway
30 Jun, 2021•1 min read•Other
Trials of China’s central bank digital currency (CBDC) have reached the subway system in the capital city, Beijing.
Subway passengers with Industrial and Commercial Bank of China's (ICBC) mobile app can use the digital yuan to pay their fares, an announcement Wednesday said. The digital yuan, known as e-CNY, has been in trials around the country for several months. Beijing is one of three cities to have held a lottery with winnings distributed in digital yuan. The announcement today signals trials reaching a use case with a potential mass consumer base. Beijing's subway system is among the world's busiest, with a daily average number of passengers of more than 10.5 million in 2018.