- Digital Yuan now accepted by gas stations in China.
- China plans to spread the acceptance to over 100 gas stations before next month.
China has made significant strides in its implementation and integration of the country’s digital currency, Digital Yuan. Presently, the country appears to be at the forefront of the Central Bank Digital Currency (CBDC) project.
Chinese city, Shenzhen, seems to have kicked the the launch of the Digital Yuan into a frenzy after it was discovered that some gas stations in the city have started accepting the digital currency.
According to Economic Information Daily, over 10 gas stations have been confirmed to be accepting the currency with more likely to join in the coming days.
The report made it known that the state-owned petroleum firm, Guangdong Petroleum, is at the helm of the affairs of this implementation. Gas stations who are currently accepting the digital yuan currency have a barcode which citizens just have to scan to make their payment.
The state-owned petroleum firm also made it known that it would be looking to spread the services to other self-operating gas stations before this month ends. The firm noted that the level of feedback it had gotten from the small scale implementation as been largely positive as the process was praised for being fast and efficient.
China’s Digital Yuan leads the way
Countries in the world have been making concerted efforts to start a national digital currency or a crypto asset for their citizens but it appears they are all in the shadow of China who has taken the workings of its Digital Yuan into another level.
You will recall that we reported how China’s Shenzhen City authorities was going to dole out over $1 million worth of digital yuan to its lottery winners and how the currency would be available to be spent at specific merchant outlets within the city.
Countries like Japan, Russia and organizations like The European Central Bank have also expressed interest in setting up a digital currency.