Trials for the Chinese CBDC Has Now Reached the Beijing Subway

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As per China’s announcement this Wednesday, subway passengers that are using the Industrial and Commercial Bank of China’s (ICBC) dedicated mobile app may now pay their respective fares via the Chinese Central Bank digital currency (CBDC), the digital yuan, or e-CNY.

This development continues on China’s ramping efforts to test the e-CNY across the country for the past few months. Notably, Beijing is also one of the first three cities to have successfully facilitated a CBDC lottery where the winner receives a sizeable amount of digital yuan.

Considering the Beijing Subway’s stature as one of the world’s busiest subway systems, with an average daily passenger count of more than 10.5 million since 2018, many believe that this announcement signifies the trials’ next step towards use case.

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