China has launched two new pilots for its digital yuan in Chengdu and Xiong’an at a combined value of 15 million RMB ($2.3m). The trials focus on promoting green travel whilst encouraging uptake of China’s central bank digital currency (CBDC).
Chengdu is currently the first city in the country to offer the digital yuan across the entire public transportation system of its metro, buses and bicycles. China hopes that these digital yuan pilots will encourage green travel, help energy conservation and reduce carbon emissions.
During the two day event in Chengdu from July 3 to July 5, citizens can apply to win one of 100,00 digital yuan public transportation packages that include coupons, reports Sina. Successful citizens store their coupons in a digital yuan wallet and may redeem the coupons for tickets via an app on their mobile phones.
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