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China’s Digital Yuan is Now Being Used on High School Campuses

Finance

cryptoknowmics.com 25 May 2022 09:18, UTC
  
Reading time: ~2 m

According to China Central Television (CCTV), the Lu Xun High School in China's Hainan province has equipped pupils with a new campus smart card device with digital yuan payment functionality, further expanding the e-currency at educational institutions. https://twitter.com/coinshots/status/1529332199790587904 China's central bank digital currency (CBDC), also known as the e-CNY, is tested in 23 regions and cities. Near-field communication, or NFC, is used in the gadget, allowing for contactless payments. According to CCTV, the device comes with a SIM card that allows students to make digital yuan purchases and make phone calls, serving as an alternative to the mobile phone ban. According to the TV report, the card was jointly produced by the Industrial and Commercial Bank of China and China Mobile. According to figures, at least 19 institutions and colleges and four middle and high schools have begun collecting digital yuan payments. A Chinese city in the southeast surpassed $3 million in digital yuan transactions in a pilot month. Jinhua, a city in China's southern province Zhejiang, has stated that it has processed at least 23,929,100 yuan (US$3.5 million) in digital yuan transactions in its first month, with 556,600 individual digital yuan wallets and 34,700 commercial and institutional wallets.


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