digital yuan

China expands digital yuan trial to cover tax, social security, toll gates

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China has broadened the range of public services and the number of cities included in its digital yuan pilot project underway in the provinces of Zhejiang and Fujian.

See related article: Chinese state media calls for wider e-CNY adoption

Fast facts

  • Six cities in Zhejiang province have begun experimenting with digital RMB payments for personal income tax, property tax and social security premiums ahead of an official announcement of the pilot programs, according to a local media report.
  • In addition, 72 toll road collection points in Fuzhou and Xiamen in Fujian province have started accepting digital yuan payments since Tuesday, and the payment experience is “no different from Alipay or WeChat Pay,” local media reported.
  • China’s central bank digital currency, known as the digital yuan or e-CNY, started trials in Shenzhen in October 2020 and recorded the equivalent of US$11.24 billion worth of transactions by the end of 2021. 
  • In theory, the blockchain-based digital yuan cash flows are fully traceable, said Xu Yuan, a senior researcher with Peking University’s Digital Finance Research Center, in an interview with the South China Morning Post.

See related article: Hangzhou races to showcase digital yuan at Asian Games

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