China News: e-CNY Fare and New Metaverse Roadmap
China, despite the rejection of cryptomining and cryptocurrency trading, does not stop surprising the public with interesting news from the world of digital assets. Today we will talk about the fundamental changes regarding the development of the Metaverse and the new round of the CBDC pilot test.
e-CNY Pilot Test in Transportation
Chinese authorities have begun testing CBDC in a new area. A pilot test of the use of the digital yuan in public transport has been launched in several Chinese cities. You can pay with the national cryptocurrency for travel by metro and buses.
Paying for a bus ticket in Guangzhou is available on 10 routes. To use e-CNY, you need to go to the e-CNY application, replenish your account in digital currency and scan a special QR code.
Subway ride with e-CNY is being tested in Ningbo city. It is the ninth city in China to implement CBDC payment. In the Ningbo metro transport system, this cryptocurrency is available for travel at 125 stations.
Beijing steps up development of the Metaverse
The authorities of the Chinese capital announced that they have developed a plan to create the Metaverse for the next 2 years (2022-2024). In the process of its implementation, Beijing will become a benchmark for the implementation of the digital economy.
To achieve this, technology companies and educational institutions of the capital should create an infrastructure with VR and geolocation and promote it in the educational, tourism and other industries.
Companies and municipalities should create industry-wide platforms, offer financial support, and find talent to create virtual reality.
About the CBDC project in China
The project of the national cryptocurrency in China in 2022 received active development. Authorities are adding new ways to use e-CNY.
At the beginning of the year, to stimulate spending, the government launched a partnership with food delivery platform Meituan and merchandise sales site JD.com. Residents of China were credited with e-CNY, which can be spent on buying food and other goods.
This resulted in more than 6 million unique shoppers ordering groceries from Meituan as of June 20th. As for JD.com, the company processed over 4 million transactions in July. The total amount of funds spent in July was $131.6 million, and from the beginning of the year to June, users paid $121.4 billion in CBDC.
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