China will be able to pay for electricity with its national digital currency

23-07-2021

Citizens of the People’s Republic of China will be able to pay their electricity bills in digital yuan. This function can be used in a mobile application developed by the People’s Bank of China. This payment option will be available in cities where the pilot version of the digital national currency project is currently being tested: Beijing, Suzhou, Shanghai, etc. To pay bills, users of the mobile application do not need to link a bank card. 

On 16.07.2021, the PBC released a white paper on the digital yuan project. The document is written in English and contains the main characteristics of the currency. It also notes that the use of digital yuan without a bank account in China will be available next year. Such an opportunity will be given to foreign guests visiting the Winter Olympic Games in Beijing. 

The document also states that users of the Chinese national currency will be able to carry out transactions in accordance with pre-agreed terms between the parties. The exact dates of the project implementation are not specified in the white paper.

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