The digital yuan can be used to pay for electricity

by in Cryptocurrency News

digital yuan

Residents of several large Chinese cities will have access to the option to pay for electricity using the digital yuan. In test mode, such an opportunity will appear in Xi'an, Dalian, Beijing, Qingdao, Suzhou, Chengzhu, and Changsha.

Test participants will be able to pay for electricity using a special mobile application developed by the programmers of the People's Bank of China.

Recall that in mid-July, the Chinese regulator presented an official document containing the concept of the Chinese national digital currency (CBDC). The same document states that during the Winter Olympic Games in Beijing, it will be possible to use the token when paying for goods and services. The Olympics will be held in the capital of China next year.

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Note that at the beginning of the summer, also in test mode, Beijing residents had the opportunity to convert CBDC into cash. The townspeople could perform such an operation at ATMs belonging to the Industrial and Commercial Bank of China.