PBoC launches new phase of e-yuan pilot

PBoC

The People’s Bank of China has expanded its prototype central bank digital currency (CBDC), allowing it to be used on buses and for housing payments.

The “e-yuan” can be used in Guangzhou to pay for bus fares. Passengers need to download the e-CNY app, deposit funds and scan a QR code to pay for their journey. Chinese media reports said that travellers can pay for rail fares using the e-yuan in at least nine cities.

Last week, also in Guangzhou, the authorities allowed residents to pay for

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