China Trials Its Central Bank Currency, The Digital Yuan, In Shenzhen’s Gas Stations

China’s Central Bank assists Shenzhen citizens in using its digital currency as payments to refuel their motor vehicles. The community in the tech hub of China (Shenzhen) received $1.5 million in digital Yuan, airdropped to gear up the project, 11 gas stations are now accepting digital currency as payments, reported Economic Information Daily.

A leading agency, Guangdong Petroleum conducting tests and unveiled its pilot this week on 13 October. To make a transaction, QR codes are available at stations to scan and work the same as commercial payment apps like Apple Pay.

The community experienced best practices and gave positive feedback yet, as it completes transactions in a few seconds. Alongside, all the services in a station’s boundary like stores or kiosks are integrated and support digital payment methods.

The digital yuan application characteristic that makes it distinct is it doesn't need a phone signal to transmit. Likewise, it allows users to utilize the service until the phone battery ends.

Meanwhile, other cashless payment apps like ‘WeChat’ use a different structure. It requires an internet connection to proceed and charge a transaction fee, too.

Per a report, Guangdong Petroleum is in the process of extending its boundaries to over 110 gas stations to fix the self-operated ecosystem in Shenzhen within a month. China’s digital yuan has yet another milestone to achieve, Digital Currency Electronic Payment (DCEP). It falls in the country’s Five-Year-Plan brackets to develop and deploy the world’s advanced technologies such as blockchain and artificial intelligence.

In 2019, the Chinese Parliament declared to complete the digital yuan project before the Winter Olympics in 2022. In September, China decided to position the DCEP project as a workable option to reduce its dependency on the US dollar. This plan has become a hot topic.

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Hank Klinger
Hank Klinger
Hank Klinger has been working online for seven years now. He has written for several national companies. Hank has been a part of our team for over three years, reviewing ICOs, new cryptocurrencies and helping us keep up to date with industry news. His primary knowledge is in marketing, sales, and advertising, and he uses that knowledge to research and pick out reliable sources of information to use as a basis for his writing.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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