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China Branches Out The Digital Yuan Trial To Hospitals And Finance Sector

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  • The use of the digital yuan continues to expand in various sectors of China, including hospitals now. 
  •  A few hospitals in Hangzhou and Guangzhou have also started to accept digital yuan for medical treatment expenses. 
  • Digital Yuan’s Utilisation has surged considerably as the total transaction reached 87.565 billion yuan by the end of 2021. 

Tianjin, China, has started to pay the wages of some finance department workers via digital yuan. As reported by local Chinese media, some chosen hospitals in Hangzhou and Guangzhou have also started to accept digital yuan for medical treatment payments. 

Digital Yuan’s Trial Reached The Medical Sector

Recently the Tianjin Municipal Finance Bureau suggested that government employees set up digital Yuan wallets in order to enhance the further expansion of the digital payment system. 

According to the Zhejiang Daily, the Zhejiang Provincial Hospital of Traditional Chinese Medicine has become the first hospital in Hangzhou to be a part of the payment system as it has started accepting digital Yuan payments. 

Furthermore, the Guangdong People’s Hospital Huifu Branch has also taken a similar move. It also became the first hospital in the province to take part in the trial, the Guangzhou daily highlighted. 

The utilization of the digital yuan or the e-CNY is constantly increasing and was recently expanded to indulge a range of municipal services and public transport, such as trains, buses, metro, highway toll gates, social insurance, and taxation. The Digital yuan of China was unboxed in October 2020 and is currently being tested in twenty-three cities. 

Earlier, the People’s Bank Of China highlighted that the total transaction via the e-CNY had hit 87.565 billion yuan, which equates to US$11.238 billion by the end of last year. 

Despite the fact that the Dragon is a vehement critic of cryptocurrencies when it comes to digital yuan, it is constantly making efforts to expand its use all throughout the country. It is to look forward to how the e-CNY would further be utilized and if the total transactions further witness new highs. 

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