Chinese Crypto Now Can Be Used To Pay For The Bus
✍️ 24 August, 2022 - 17:31 👤 Editor: Jakub Motyka
- The Chinese cryptocurrency makes its way as a payment method in several cities of the Asian country.
- It is now possible to use a QR code to pay for the bus or subway in China through the official cryptocurrency wallet of the Asian country.
- It is important to remember that the Chinese crypto is not an alternative to Bitcoin (BTC) or Ethereum (ETH), but rather it is a centralized cryptocurrency that is only issued by the People's Bank of China (PBoC).
The cities of Guanzhou, Ningbo, Chengdu, Beijing and several others are being the scene of the first tests for the adoption of the Chinese cryptocurrency (also known as digital yuan, eCNY or e-yuan) as a payment method in public transport.
In an official statement, the Asian authorities have announced that their project for an official Chinese cryptocurrency throughout the country is moving forward. To promote the use of this CBDC type crypto (Central Bank Digital Currency), several cities have begun to offer the option of eCNY, or digital yuan, as one more method of payment when taking the bus or the metro.
The Chinese Cryptocurrency Makes Its Way Into Public Transport In Several Cities
In this way, users who wish to pay for their trip with this cryptocurrency will only have to download the official e-CNY application, add funds to their wallet and, when they get on the train or bus, scan the QR code enabled for this purpose to make the payment.
In the city of Beijing, for example, the digital yuan is already valid as a payment method on all 24 subway lines, while in Guanzhou passengers they can use their eCNY wallet to pay in up to 10 different routes. In Ningbo, meanwhile, the digital payment method is valid at 125 different subway stations.
It is important to note that the eYuan, or Chinese cryptocurrency, has nothing to do with the decentralized philosophy of the crypto world. It is a project of a totally centralized digital currency, dependent on the authorities and issued by them, which has raised some ethical doubts about whether China is going to take advantage of its implementation to increase control over its citizens.
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- china-criptomoneda-yuan-digital: Unsplash