China Launches Pilot Test of Using Digital Yuan as Payments at Gas Stations in Shenzhen

China Launches Pilot Test of Using Digital Yuan as Payments at Gas Stations in Shenzhen

digital-juan

Chinese citizens can now use the central bank's digital currency at gas stations without an Internet connection. Guangdong Petroleum launched the pilot program for the digital yuan on October 13.

In Shenzhen, citizens can use digital currency for retail payments, such as refuelling at eleven different gas stations. For payments, digital currency holders will have to scan the QR code provided by gas stations. In terms of scanning QR code, the app will work similarly to Apple Pay.

Dual Offline technology

Offline processing is the most interesting and remarkable feature of the digital yuan app. To process, he does not need an internet connection like the WeChat payment application. What's more, it doesn't even need mobile signals for payments, making it a “dual offline” app. Citizens only need charged cell phones to make transactions faster and safer.

People using the yuan digital app for gas station payments have expressed very hopeful and positive feedback on this. According to citizens, it takes a few seconds to complete the transactions. It is possible to use items to purchase digital yuan for refuelling at gas stations in Shenzhen.

Pilot test expansion to more than 110 gas stations

According to the report published by the local news agency, Economic Information Daily, Guangdong Petroleum will expand the digital payments facility in yuan to more than 110 gas stations operating in Shenzhen.

As part of the pilot program of the CBDC project known as Electronic Digital Currency Payment (DCEP), Chinese citizens received $1.5 million in digital currency, the digital yuan. The latest pilot test is part of China's five-year plan, which is working on deploying digital currency and blockchain technology in the country.

According to the Chinese government's plan, the central bank's digital currency is expected to come on stream before the 2022 Winter Olympics. The digital yuan may remove China's dependence on the US dollar.

China is the first country to issue a state-backed digital currency, as it started working on it many years ago when no central bank thought of CBDC. Currently, more than 70 central banks are working in digital currency in one way or another.

source: tokenhell.com

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