The new function will appear in a mobile application developed by the People’s Bank of China. Payment of bills can be made without linking a bank card.
Chinese residents will be able to pay their electricity bills in crypto yuan using a mobile app developed by the People’s Bank of China (PBC). According to the publication, you will not need to tie the application to your bank card to pay bills. The new function will be tested in nine cities in the PRC, where a pilot project of the crypto yuan is currently being tested: Xiong’an, Suzhou, Chengdu, Shanghai, Xi’an, Dalian, Changsha, Qingdao, and Beijing.
On July 16, the NBK published for the first time a white paper of the crypto yuan project in English, which describes the technical characteristics of the digital currency. The document says that foreign tourists will be able to use the crypto yuan without opening accounts with Chinese banks during the Winter Olympics, which will be held in Beijing in 2022.
The white paper also states that the crypto yuan will receive support for smart contracts, which will allow payments to be made in accordance with predetermined conditions or agreements agreed between the two parties. The timing of the crypto yuan project is still unknown.
In mid-June, Beijing residents were able to convert the digital yuan into cash. The Industrial and Commercial Bank of China (ICBC) has allowed the crypto currency to be withdrawn from more than 3,000 ATM machines in the Chinese capital. Prior to this, the owners of the crypto yuan could only use it in retail outlets that participate in the currency testing project.