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Beijing Metro introduced digital currency payment

China Peking Metro Tickets TicketautomatSince August 1, the Beijing Metro has started accepting digital currency for paying for travel.

Electronic yuan can be used to pay for the purchase and replenishment of the balance of transport cards, as well as to link it to the mobile application through which the fare is paid, RIA Novosti writes.

Recall that the Chinese capital is one of the pioneers of the widespread introduction of the national electronic currency. Payments in digital yuan are supported here by more than 2000 stores, many restaurants. The widespread use of the digital yuan in Beijing can be expected as early as 2022: at the Winter Olympics, the electronic yuan will already be available for payments not only to Chinese citizens, but also to foreigners.

China started developing a national electronic currency back in 2014, and in 2020 it reached the finish line: the electronic yuan began to be actively tested. As part of the tests, the authorities have already distributed 150 million yuan to 500 thousand users for free. The tests are conducted in Beijing, Shanghai, Shenzhen, Chengdu and Suzhou.

To make payments in Chinese electronic currency from a mobile phone, you will not need to connect to the network or link to bank cards. As the former chairman of the Bank of China, and now the head of the All-China Online Finance Association, Li Lihui, explained, "NFC near – field communication technology will be used for settlements in electronic currency. You will not need either an Internet connection or a link to a bank card. In addition, unlike mobile payment systems, it will be possible to spend very large amounts at once."