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China's digital yuan (CBDC) is increasingly being used by citizens and businesses to pay taxes, as reported by the Hunan Province's Tax Bureau and the Changsha Central branch of the People's Bank of China (PBoC).
Between January and June 2023, individuals and companies in Hunan Province paid a total of $51.3 million in taxes using the digital yuan, through 794 transactions. Most transactions (754) were processed via the Postal Savings Bank's Hunan Branch, responsible for 99.58% of digital yuan tax payments in the province.
The Postal Savings Bank's Hunan Branch has actively supported the PBoC's efforts in promoting the e-CNY. The bank is enhancing the digital yuan payment experience and advancing the ongoing digital yuan pilot. In Changsha, over 420,000 merchants now accept the digital yuan as payment, showing increased adoption.
Digital yuan promotional campaigns have also been successful, with e-CNY discount coupon usage exceeding 90% and reaching up to 99% in some regions, according to Caixin.
The growing use of the digital yuan for tax payments highlights China's advancements in digital currency adoption and the collaboration between government bodies, financial institutions, and businesses.
Between January and June 2023, individuals and companies in Hunan Province paid a total of $51.3 million in taxes using the digital yuan, through 794 transactions. Most transactions (754) were processed via the Postal Savings Bank's Hunan Branch, responsible for 99.58% of digital yuan tax payments in the province.
The Postal Savings Bank's Hunan Branch has actively supported the PBoC's efforts in promoting the e-CNY. The bank is enhancing the digital yuan payment experience and advancing the ongoing digital yuan pilot. In Changsha, over 420,000 merchants now accept the digital yuan as payment, showing increased adoption.
Digital yuan promotional campaigns have also been successful, with e-CNY discount coupon usage exceeding 90% and reaching up to 99% in some regions, according to Caixin.
The growing use of the digital yuan for tax payments highlights China's advancements in digital currency adoption and the collaboration between government bodies, financial institutions, and businesses.
