Jinan Introduces Digital Yuan Payments for Public transport.

Jinan, the provincial capital of Shandong in eastern China, has begun promoting the adoption of the country’s central bank digital currency (CBDC) program by accepting digital yuan payments on all of its transport routes.

During the demonstration phase, the city evaluated the implementation of CBDC payments on two bus lines, B52 and BRT5.

Following this trial period, the city has announced that the new payment method has been implemented across its entire bus system.

Recently, the Shunwang-Jinan Daily reported that the city of Jinan has updated all of its card readers and bus route software to enable passengers to pay with the county’s CBDC.

The city is also incentivizing the use of digital yuan by offering discounted fares to passengers who choose to pay with CBDC.

According to the notification, digital yuan users can receive up to two discounted journeys per day and up to six discounted rides per month.

The action is a component of a larger effort to promote the adoption of the digital yuan in various locations throughout China. The Chinese city of Changshu announced on April 23 that it will begin paying its civil servants with the digital yuan.

Beginning in May, all levels of personnel in the public service, public institutions, and state-owned entities will be paid in the CBDC. In addition to transit transportation and salaries for government employees, the country has implemented its CBDC for its Belt and Road initiative and cross-border commerce.

In the Chinese city of Xuzhou, a plan to promote the CBDC in cross-border commerce was issued on April 24. The city is the departure point for freight trains bound for Europe.

Similarly, the French bank BNP Paribas recently formed a partnership with the Bank of China (BOC) to promote the use of the digital yuan.

Local media outlet the South China Morning Post reported on May 5 that the partnership would enable BNP Paribas’ corporate clients to interact with BOC’s system, allowing the digital yuan to be used in real-time transactions.