Digital yuan being tested at Chinese high school
“Smart ID card” allows students to make purchases – and parents to track them
The People’s Bank of China has extended its trial of central bank digital currency (CBDC) into a school, allowing students to make purchases with the digital yuan via a “smart ID card”.
The device, which is essentially a small mobile phone, allows students to pay using the CBDC, as well as make phone calls to a restricted set of numbers.
It also contains GPS tracking, allowing the school and the student’s parents to monitor where they are and what they are buying, according to a report by
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Digital currencies
Retail CBDC would extend central bank balance sheets – ECB paper
Frequent fine-tuning of monetary policy operations could become the norm
RBNZ seeks views on design of ‘digital cash’
New Zealand central bank continues proof-of-concept work on “private and secure” CBDC
Slight majority of US consumers ‘warm’ to CBDC, survey says
Respondents most interested in free use and widespread market adoption, Philadelphia Fed finds
Digital money could boost Pacific island economies – IMF research
Loss of correspondent banking relationships may be offset by digital money infrastructure
HKMA launches next phase of CBDC pilot and sandbox
Hong Kong project will explore programmability, tokenisation and atomic settlement
BSP says it will complete wholesale CBDC pilot this year
Philippines central bank will test CBDC for interbank fund transfers and securities settlement
CBDC is inevitable
Central bank digital currency should be thought of as a platform rather than a product, writes Dave Birch
Levelling the playing field for stablecoins
Regulatory asymmetries are a barrier to innovation in digital payments
Most read
- Taking stock of Bernanke: the original sin of forecasting
- Central bank of the year: Central Bank of Brazil
- Fed policy-makers disagree over risks