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China's CBDC Trials Reach Beijing Subway
Passengers with Industrial and Commercial Bank of China's mobile app can use the digital yuan to pay their fares.
Trials of China's central bank digital currency (CBDC) have reached the subway system in the capital city, Beijing.
- Subway passengers with Industrial and Commercial Bank of China's (ICBC) mobile app can use the digital yuan to pay their fares, according to an announcement Wednesday.
- The digital yuan, known as e-CNY, has been in trials around the country for several months.
- Beijing is one of three cities to have held a lottery with winnings distributed in digital yuan.
- The announcement today signals trials reaching a use case with a potential mass consumer base.
- Beijing's subway system is among the world's busiest, with a daily average number of passengers of more than 10.5 million in 2018.
Read more: China’s Xiong’an New Area Begins Using Digital Yuan for Salary Payments
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