The digital yuan app has been updated with new Visa and Mastercard options, which can be used by tourists while making payments through the app in China.
China has been actively pursuing the promotion of its central bank digital currency. Even though the digital yuan exists with a prohibition of crypto trading in China, the country has promoted its CBDC use cases. In the latest move, the digital yuan wallets have got a new update that could promote the usage of the CBDC.
The update has made it possible for tourists to top their digital yuan wallets via Mastercard or Visa. The move could hugely benefit tourists since the two payment companies have wide usage worldwide. The e-CNY app for the digital yuan saw its iOS update on September 22.
The update also coincides with the beginning of the Asian Games in China. The sporting event will see a huge inflow of contingents of players, teams, support staff, and tourists. With Mastercard and Visa available on the e-CNY app, the CBDC may see greater usage during the games.
China is far ahead of others in terms of CBDC promotion. While it has banned active crypto trading, the government has explored the benefits of blockchain. For instance, the city of Jinan was chosen for testing CBDC use cases. The administration implemented CBDC payments for civil servant salaries and bus rides.