Students in the city of Sanya, located on the island of Hainan in southern China, will receive phones capable of paying in digital yuan. This experiment presented in the Chinese state media and relayed by the South China Morning Post May 25 is a new step to impose the e-CNY, official denomination of the Chinese central bank digital currency (MNBC).
The digital yuan continues to expand
By the end of 2021, the digital yuan had at least 140 million users in China. The MNBC is tested in several large cities, Beijing, Shanghai and in a province, that of Hainan. On the island in the South China Sea, some school children will be among the currency’s “beta testers”.
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The students of the Hainan Luxun school will receive a device developed by the Industrial and Commercial Bank of China and telecom operators. They will be able to pay at selected stores designated in advance, out of the 116,800 stores that have accepted digital yuan since February.
These devices will be small phones with limited functionality. In China, the Ministry of Education bans smartphones in primary and middle school. Thanks to their new gadget, schoolchildren will be able to make calls. According CCTVthe official Chinese television, this essay aims to “ solve the problems of daily consumption of students and safety of home-work journeys “.
Students will be monitored
Young users of the digital yuan will be very closely watched. Parents will be able to top up their children’s digital wallets. They will also have access to the teenagers’ consumption statements, to ensure that their toddlers are not doing anything wrong with it.
The phone will also be equipped with a geolocation tool. It will be able to accommodate a limited number of contacts: three trusted members of the family circle and 20 additional numbers for ” avoid harassment from unknown callers “.
With the digital yuan, China is one of the most advanced major countries in the development of its MNBC. The large-scale trial of e-CNY is soon to be extended to several additional cities, Chongqing, Tianjin, Hangzhou and Guangzhou, adding 70.4 million potential users. At the moment, no timetable exists on a nationwide launch of the digital yuan.