China continues to forge ahead with its digital yuan adoption plans, with the latest move seeing the CBDC being integrated into the education and public transport sectors.
The province of Jiangsu has revealed that it is set to launch a platform that will enable its citizens to pay education and exam fees using the digital yuan before the end of the year.
Additionally, the province’s Department of Education will allow scholarship grants to be paid out in the CBDC. Jiangsu has plans to “comprehensively promote” digital yuan pilot work in the education field and aims to have each provincial-level school promoting at least one digital yuan application project by the end of 2025.
Meanwhile, in Guangdong Province, the city of Jiangmen has announced that digital yuan payments will be accepted on its entire bus network.
State-owned operator Jiangmen Bus said that all of its public buses, school buses, and park transport systems would allow CBDC payments. The city has updated its buses with new software that allows card readers to scan QR codes from digital yuan wallets.
These latest developments come after a digital yuan partnership was announced earlier this month between BNP Paribas China and the state-owned Bank of China.
The deal will enable BNP Paribas China’s corporate clients to pay in digital yuan via a CBDC management platform.