China: New CBDC Trials Point to Pivotal Towards Environmental Sustainability
Chinese e-yuan pilots are now focusing on going green.
E-Yuan for environmental sustainability
According to a report by General Ledger Information, China has launched two new pilot projects for its famous digital yuan. Specifically, these pilot projects were launched in Chengdu and Xiong’an for a combined value of approximately $ 2.3 million.
What emerges from these essays is that they focus on promoting green travel in addition to promoting the use of the digital yuan among Chinese people.
For those not in the know, Chengdu is the first Chinese city to offer e-yuan – the digital currency of the Chinese central bank (CBDC) – on its entire public transport system which includes its metro. , its buses and its bikes.
The Chinese state hopes the e-yuan pilots will push people to opt for eco-friendly travel, help conserve energy, and mitigate carbon emissions.
Regarding the green travel initiative in Chengdu, the report reads in part:
“During the two-day event in Chengdu from July 3-5, citizens can apply to win one of the 100,000 yuan digital public transport packages that include coupons,” Sina reports. Successful citizens store their coupons in a digital yuan wallet and can redeem the coupons for tickets through an app on their mobile phone. “
In addition, China does not hesitate to push the limits in an effort to maintain the long-term use of digital currency. In this regard, China will publish daily low carbon travel rankings of its CBDC users. As an incentive, the top 20,000 citizens will receive additional race coupons in their respective digital wallets.
Xiong’an program details
Unlike the Chengdu trial where the electronic yuan would be fed back into the local economy, the Xiong’an pilot project allows users to spend red envelopes sent to them at designated CBDC retailers.
As the Chinese administration works hard to make CBDCs the norm and completely replace fiat, skeptics believe that digital currency will irrevocably hamper the financial privacy of all users. However, former People’s Bank of China officials appear to deny it.
In related news, BTCManager reported on June 14 that China made its first salary payment with an e-yuan powered by blockchain technology.
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