8.2 C
New York
Friday, December 3, 2021
HomeCryptoCurrencyVending machines accept digital yuan in Shanghai, China

Vending machines accept digital yuan in Shanghai, China

Some vending machines located in various subway stations in Shanghai, China, are accepting the digital yuan as a form of payment.

As reported by the local Chinese news agency Cai Lian, the yuan Digital can already be used in this type of machines that provide soft drinks, sweets and other products.

A source from the Central Bank, consulted by the news agency, indicated that are promoting the use of the national digital currency in Shanghai and several merchants are taking part in this test.

Another local outlet, GlobalTimes, reports that simulations have also been carried out off-line (without connection) on means of payments with the digital yuan in stores and hospitals in the city.

The GlobalTimes showed a photo of users using the digital yuan on a mobile device and at vending machines in Shanghai. Source: Li Hao / globaltimes.cn

One of the merchants interviewed by this medium assured that several commercial banks are involved in the evaluation of the digital yuan. He added that the way to use it is very similar to Alipay and WeChat’s paid mobile apps , quite easy to use, in his opinion.

According to them, one of the banks allocated 30 yuan (equivalent to USD 4.65) to private customers, without other larger businesses being involved.

However, it is not yet clear who have been able to use the digital currency, since initially it can only be accessed by invitation of the Central Bank and there have been no reports in this regard.

Tests of the digital yuan in other cities in China

It was recently known that Chinese commercial banks WeBank and MYBank have been conducting tests on the digital yuan in several cities in China, we reported in CriptoNoticias.

Also, this media reported during last January of this year that the Agricultural Bank of China approved the installation of digital yuan ATMs in various points of Shenzen, a city referred to as one of the the most favorable places for the development and growth of the digital technology industry.

Although China is one of the main geographical areas for mining Bitcoin and other cryptocurrencies, the government of that country seeks to deploy the electronic digital version of its national currency, the yuan (RMB). Thus, it has advanced to many countries of the world in this purpose, although nations such as Turkey, Ukraine and Bahamas already undertake their own initiatives.

China will not stop in the search to implement the digital yuan in its economy and could even seek to internationalize it, if we are guided by the reports that point to the Chinese Government’s alliance with the SWIFT bank payment processing platform.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read