Nearly 490,000 Vendors in Changsha Now Accept Digital Yuan Payments
The government of Changsha, China claims that almost 490,000 vendors in the city now accept digital yuan payments. This expansion is part of China’s ongoing pilot program for its central bank digital currency (CBDC). Changsha has been actively exploring different use cases for the digital yuan, including government services, public transportation, inclusive finance, and rural revitalization projects.
According to data as of August 31st, a total of 487,300 brick-and-mortar stores and service providers in Changsha have started accepting digital yuan payments. Additionally, the city has witnessed the opening of approximately 22 million digital yuan wallets and 862,100 corporate wallets. The total number of digital yuan transactions conducted in Changsha stands at 83.7324 million, with a transaction value of $1.9 billion.
Central Bank’s Digital Yuan App Enables Utility Bill Payments
Residents of Changsha are already utilizing the central bank’s official digital yuan app for various purposes. The app now offers direct e-CNY payment options, allowing users to pay energy bills, settle water payments, and top up their mobile phone plans directly from the app interface. A female resident named Hu shared her experience of settling a phone bill worth approximately $6.86 using the app and described it as “very convenient.”
Changsha’s Active Role in CBDC Adoption
Changsha has been at the forefront of China’s CBDC adoption efforts. The city was added to the pilot zone in November 2020 and initially reported 300,000 merchants processing e-CNY payments in February this year. By April, this number had increased to 420,000 merchants. In another push for e-CNY adoption, the city of Shenzhen recently announced its plan to distribute CBDC tokens to 50,000 residents.
Hot Take: Changsha Continues to Lead in Digital Yuan Acceptance
Changsha’s progress in accepting digital yuan payments highlights China’s commitment to establishing its CBDC as a widely used form of digital currency. With nearly half a million vendors now accepting the digital yuan, the city sets an example for others in embracing this new financial technology. As more use cases are explored and adoption expands, the digital yuan has the potential to reshape China’s economy and revolutionize everyday transactions.
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