Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-05-25 07:18:06

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

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. 🇨🇳China Expands Use Of The Digital Yuan To High School Campuses🏫#CryptoNews #China #digitalpayments — CoinShots⚡ Crypto News & Stats 🚀 (@coinshots) May 25, 2022 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.The post China’s Digit...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer