Beijing subway network accepts digital currency

Passengers travel on a train with the "smart train passenger service system" in Beijing, capital of China, on April 2, 2020.(Xinhua/Zhang Chenlin)

Subway commuters in Beijing can pay their fares using China's central bank digital currency, digital yuan, starting Wednesday, according to the Beijing Municipal Commission of Transport.

With the latest move of China accelerating its national roll out of digital yuan, the payment option is available on all 24 subway and four suburban railway lines, but currently only those with an ICBC (Industrial and Commercial Bank of China) account can make use of it, said the agency.

Beijing's rail transit lines plan to explore the wider application of digital yuan in more scenarios to improve the digital travel experience for passengers, the agency added.

China is leading among major economies in issuing a central bank digital currency, although the honor of being the first country to issue one went to the Bahamas last year. The country's central bank, the People's Bank of China, carried out trials in about a dozen regions last year.