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Chinese city accepts CBDC payments for bus rides

Jinan, the capital of eastern China’s Shandong Province, has started encouraging the adoption of the country’s central bank digital currency by introducing digital yuan payments across all its bus routes.

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Jinan, the capital of eastern China’s Shandong Province, has started encouraging the adoption of the country’s central bank digital currency by introducing digital yuan payments across all its bus routes.

In its pilot phase, the city tested the introduction of CBDC payments on two bus lines. Following the trial period, the city has announced that it has implemented the new payment method for its entire bus network.

It is reported that the city of Jinan has updated all its card readers and bus route software to allow passengers to pay using the county’s CBDC.

The city is also incentivizing the use of the digital yuan by giving fare discounts to passengers who opt for the CBDC payment method. According to the announcement, each person could get up to two discounted rides per day and a maximum of six discounted rides in a month if they choose to pay with the digital yuan.

The move is part of a broader push to promote the adoption of the digital yuan in China. On April 23, the Chinese city of Changshu announced it would begin paying civil servant salaries with the digital yuan. The announcement noted that all levels of personnel in public service, public institutions and state-owned units would be paid in the country’s CBDC from May.

Apart from bus rides and civil servant salaries, the country has also implemented its CBDC for its Belt and Road initiative and cross-border trades.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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