BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

China begins using e-CNY as Public Transport Payment

by BlockNews Team
August 28, 2022
in CRYPTO, POLITICS
Reading Time: 3 mins read
A A
1
SHARES
17
VIEWS
Share on XShare in TelegramShare on Reddit

The Chinese government began testing its newest central bank digital currency, e-CNY, on Tuesday, August 23. Officials notified citizens that they could now use e-CNY to pay for public transport. However, this will depend if the digital transactions are more convenient to use than traditional methods, as the officials said.

The e-CNY payment currently works on ten transit routes in Guangzhou, allowing passengers to make a deposit and scan the QR code on the bus’ payment zone. Anybody can download the e-CNY app for free to do such transactions.

Breakdown

  • Chinese government starts testing e-CNY payment for public transportation transactions
  • New CBDC to provide more convenient transactions
  • e-CNY applied for transit routes Guangzhou and Ningbo

More Utility for the Citizens

Guangzhou marks the first city in the country to apply the newest CBDC for payments, including employee housing fund contributions. The city of Ningbo followed up with residents paying for train rides with e-CNY for 125 stations. Passengers only need to scan the QR code and go directly aboard the train.

Based on the results, the usage of e-CNY provides seamless pacing for the citizens. While it is still experimental, the Chinese CBDC will continue expanding to other cities to shift how people transact slowly. If the results constantly show positivity, stores across China may soon allow e-CNY payments.

The Chinese government also partnered with JD.com and Meituan, two of the largest commercial companies in the country. They plan on hosting e-CNY airdrops in specific regions to encourage consumer spending despite the COVID-19 quarantines.

Six million users have already used e-CNY for payment, with many of them citing that the transactions are faster and better than cash or credit. The e-CNY CBDC was recognized as a legal tender in May 2022 despite the government’s transparent opposition to cryptocurrency and blockchain technology.

According to a JD.com report, there were over 4 million e-CNY transactions, summing up to 900 million CNY (131.6 million USD).

Government Continues Crackdown Against Cryptocurrency in the Country

2021 marked an infamous year for cryptocurrency as the Chinese government’s announcement of banishing crypto mining from the country caused a significant correction to the crypto market. Following the government’s statement, Bitcoin’s value decreased drastically in June 2021, causing a massive dip in the altcoin market down to 50%. The fear later followed up with the Evergrande collapse of September 2021 – the second most prominent real estate company that left a large debt blowup that put the housing market on the brink of collapse.

Cryptocurrencies were banned entirely from the country as the year ended, forcing Bitcoin miners to shut down their facilities. The crypto community speculated that some miners fled the nation to find an appropriate spot. All supposed NFT projects from large Chinese companies like Tencent and NetEase had to stop by the government’s order.

To keep its citizens and economy in check, the government implemented the digital Chinese Yuan, e-CNY. This way, the money stays centralized and prevents citizens from laundering large sums of money into a decentralized network. To this day, the government continues to look for Bitcoin mining hubs to crack down on.

Tags: BlockchaincryptoWeb3
TweetShareShare
Previous Post

BAYC: How much are you Willing to Pay for a NFT?

Next Post

World Economic Forum Confirms Ripple As An Official Partner

DON'T MISS THESE! HOT OFF THE PRESS

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?
CRYPTO

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today
CRYPTO

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?
CRYPTO

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth
CRYPTO

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Load More

Related News

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve Finance FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.