U.S. markets closed
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • Dow 30

    31,097.26
    +321.86 (+1.05%)
     
  • Nasdaq

    11,127.84
    +99.14 (+0.90%)
     
  • Russell 2000

    1,727.76
    +19.77 (+1.16%)
     
  • Crude Oil

    110.56
    +2.13 (+1.96%)
     
  • Gold

    1,809.50
    +8.00 (+0.44%)
     
  • Silver

    19.82
    +0.22 (+1.14%)
     
  • EUR/USD

    1.0430
    +0.0003 (+0.03%)
     
  • 10-Yr Bond

    2.8890
    0.0000 (0.00%)
     
  • GBP/USD

    1.2109
    +0.0006 (+0.05%)
     
  • USD/JPY

    135.7690
    +0.5940 (+0.44%)
     
  • BTC-USD

    20,138.59
    +853.70 (+4.43%)
     
  • CMC Crypto 200

    429.24
    +9.10 (+2.17%)
     
  • FTSE 100

    7,232.65
    +64.00 (+0.89%)
     
  • Nikkei 225

    26,153.81
    +218.19 (+0.84%)
     

China expands use of the digital yuan to high school campuses

·1 min read

The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions, China’s largest state-owned broadcaster China Central Television (CCTV) reported Tuesday.

See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane?

Fast facts

  • The digital yuan, also known as the e-CNY, is China’s central bank digital currency (CBDC), which is being trialed in 23 regions and cities.

  • The device uses near-field communication, or NFC, which allows for contactless payments.

  • The device comes with a SIM card to enable digital yuan payments and phone call services, which serves as an alternative for the mobile phone prohibition on students, CCTV reported.

  • Industrial and Commercial Bank of China and China Mobile jointly developed the card, the TV report said.

  • Currently, there are at least 19 universities and colleges, and four middle and high schools, that have started accepting digital yuan payments, according to statistics compiled by Forkast.

See related article: China southeastern city tops US$3mln digital yuan transactions in pilot month