China Rolls Out CBDCs for Public Transport

China Rolls Out CBDCs for Public Transport
China Rolls Out CBDCs for Public Transport

China’s central banks digital currency, e-CNY is being piloted in several cities to be used in public transport and education.

Expanding the Eyes of the State

China has officially begun rolling out the next round of its CBDC program, most evidently in the city of Guangzhou, where it is now possible to pay for public transport with central bank-issued digital yuan.

Passengers are required to download an application, deposit funds, and scan a QR code at the bus stop to make payment. Ningbo is the ninth municipality in China that has launched a similar program.

The communist government has rapidly increased the e-CNY application this year, notably through government-sponsored airdrops that are designed to stimulate after prolonged lockdowns.

Since launching its CBDC program, one online retailer noted it had seen around 900 million CNY (US$131.6 million) in transactions since accepting e-CNY. In total, approximately 830 billion ($US121.4 billion) worth of e-CNY transactions were recorded in the first five months of 2022 alone.

CBDCs are not as advertised

As whistleblower Edward Snowden correctly points out, CBDCs, while marketed as digital currencies, are in fact much more sinister. CBDCs can be viewed as programmable money that can form the base layer of a social score.

In a dystopic world in which all money is essentially smart contracts, government has the power to decide what you should do and then uses carrots and sticks to ensure compliance. It’s not surprising that authoritarian regimes like the Chinese Communist Party have been so quick in accepting them:

Central banking digital currencies (CBDCs) and social credit systems explained. This information can be shown to anyone who believes this is a conspiracy theory. It is time to get rid of the blinkers before it is too late. #CBDCspic.twitter.com/KT2Yubr4FK

— James Melville (@JamesMelville) August 15, 2022

Disclaimer:
Crypto News does not endorse the views or content expressed in these articles. To protect our readers, we actively verify all of our content for accuracy. This article and any links to third-parties are provided for information and entertainment purposes only. This article is not intended to be a financial advice. Before you participate, please do your research.

Read More