China's CBDC Trials Reach Beijing Subway
Passengers with Industrial and Commercial Bank of China's mobile app can use the digital yuan to pay their fares.
Jun 30, 2021 at 11:35 a.m. UTCUpdated Aug 21, 2021 at 6:53 p.m. UTC
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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, according to an announcement Wednesday.
- 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.
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