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Chinese schools start testing the digital yuan

Chinese schools start testing the digital yuan

Chinese authorities launched digital yuan testing in educational institutions via pre-paid school student cards.

According to the South China Morning Post, the digital yuan "card" is actually a compact cell phone. The device allows students to pay at certain stores and make calls to selected numbers. For example, parents can add up to 20 other numbers for incoming calls to the device to help children "avoid being harassed by unknown callers." Location tracking is done using GPS.

Parents can set device usage restrictions for students through a separate digital yuan app. The app allows parents to top up their children's e-wallets and access their consumption records with a special SIM card.

Recall that the total balance of digital yuan cryptocurrencies in February was ~$74 million. For comparison, China's total cash in circulation is estimated at ~$1.3 trillion. Mu Changchun, head of the payment and settlement solutions division of the People's Bank of China, said that the digital yuan is unlikely to cause a significant "negative disintermediation effect" on the Chinese economy.

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