Jinan is the capital of Shandong province in eastern China, with a population of more than 9.2 million people. Previously, the pilot project was introduced on two bus routes of the city – B52 and BRT5. After the success of the pilot, Jinan decided to introduce digital yuan payment options throughout its bus network.
Jinan authorities announced that passengers can receive discounts if they pay for bus fares with digital currency. On trips where the charge is 2 yuan (about $0.28) or less, passengers will have to pay less than $0.01 if they use CBDC.
Authorities in the Chinese city of Qingdao recently launched a pilot version of an NFC app to pay for public transport fares in digital yuan. The app functionality supports offline payments.
Earlier, China’s Ministry of Industry and Information Technology (MIIT) unveiled a national blockchain technology standard that should help develop the industry in the country.<br