Trials of China's central bank digital currency (CBDC) have reached the subway system in the capital city, Beijing.

  • Subway passengers with Industrial and Commercial Bank of China's (ICBC) mobile app can use the digital yuan to pay their fares, according to an announcement Wednesday.
  • The digital yuan, known as e-CNY, has been in trials around the country for several months.
  • Beijing is one of three cities to have held a lottery with winnings distributed in digital yuan.
  • The announcement today signals trials reaching a use case with a potential mass consumer base.
  • Beijing's subway system is among the world's busiest, with a daily average number of passengers of more than 10.5 million in 2018.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC