China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses – FinTech & More

Authorities in two Chinese cities are promoting the digital yuan as a payment method in the public transportation system. Commuters on the subway of Ningbo and those taking the bus in Guangzhou will be able to purchase their tickets using the state-issued digital currency. Ningbo Rail Transit, the operator of the subway system in the city of Ningbo in the eastern Chinese province of Zhejiang, has launched payments in digital yuan, the central bank digital currency (CBDC) issued by the People's Bank of China. The company announced that 125 stations will accept the coin. The city's 9.5 million citizens and…