Jiangsu plans to expand the use of central bank digital currency (CBDC) for its public education system.
Jiangsu plans to allow digital yuan payments in cases such as tuition and accommodation fees at public schools, registration fees for exams, according to an announcement by the provincial Department of Education. Jiangsu on May 9.
The government also plans to expand the adoption of the digital yuan by educational institutions, including in areas such as granting scholarships, paying taxes and making purchases by schools.
Digital Yuan, also known as e-CNY, is a Chinese CBDC project piloted in at least 26 provinces and cities.
The digital currency has been integrated into Alipay and Wechat Pay , China’s two leading payment platforms, and can be used to pay on at least 109 mobile apps, including services from Shop online to buy gasoline and natural gas.
The plan is part of Jiangsu’s efforts to lead China’s CBDC initiatives.
Suzhou City, the capital of Jiangsu Province, was one of the first Chinese cities to start piloting a digital yuan in 2020 and expand to the rest of the province in February . 2023.
The province also aims to become one of China’s leading provinces in terms of digital yuan adoption by the end of 2025.
Since February 2023, more than 4 million digital yuan accounts have been opened in Jiangsu province, with total digital yuan transactions of more than 200 billion yuan ($28.72 billion) , according to a report by media outlet People’s Daily on April 25 .
Changshu, a county-level city in Jiangsu province, plans to start paying state employees entirely in digital yuan this month.
Digital yuan pilots elsewhere in China have been expanded this year.
Shenzhen , China’s economic metropolis, announced plans in January to explore cross-border payments in digital yuan and start issuing digital yuan hardware wallets. for Hong Kong tourists in February.