The Age of “Payment with Digital Yuan” Has Begun

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The cryptocurrency project of the Bank of China, the digital yuan, has gradually adapted to daily life and is seen as a payment management. Digital central bank money (CBDC) can now be used at Shenzhen Gas Stations.

According to information from the local news source Economic Information Daily, digital yuan payments have started at 11 gas stations in Shenzhen, a Chinese city. According to the statements made, it was said that more gas stations could join the application in the coming days.

The pilot, run by the state-sponsored Guangdong Petroleum organization, began on Tuesday. It is said that the payment with digital yuan can be applied at more than 110 gas stations within the organization.

How Does It Work?

Citizens who want to pay with digital yuan can simply perform their transactions with a QR code at the relevant stations. Thanks to the dual offline technology used in the digital yuan infrastructure, people will be able to carry out their transactions comfortably even in places where telephone signals are not received. Initial feedback was reported to be very positive in paying with the digital yuan used since Tuesday.

Citizens who benefited from the application stated that the process takes only a few seconds and is smooth. The digital yuan can be used not only for gasoline or gas purchases, but also for purchases made from gas station markets.

Digital Yuan Entering Daily Life

China, which overtakes other countries in the issue of national crypto money, has also acted as a pioneer in terms of the daily use of digital central bank money. The Chinese parliament announced the completion of the first phase of digital yuan infrastructure work and announced that tests will begin in late 2020 – early 2021. According to official statements, the digital yuan is planned to be used in the Winter Olympics to be held in Beijing in 2022.

China also held an airdrop event last Sunday, where 10 million digital yuan were distributed as part of the efforts to spread and adopt the digital yuan. 2 million people registered for the event. After the draw, 50 thousand people won 200 digital yuan.


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