Are Chinese healthcare and energy companies facilitating CBDC payments, leading to quicker adoption of the digital yuan?

Chinese healthcare and energy providers have made a breakthrough with the country’s central bank digital currency (CBDC) by allowing patients and customers to pay with the digital yuan.

According to Chinese media outlet WXRB, outpatients and hospitalized mental healthcare patients can now use the CBDC to pay for medical treatment.

This includes deposits, medication, and hospitalization fees, which can be paid via the central bank’s digital yuan app.

Hospital staff have stated that digital yuan payments are a “safer and more convenient form of smart payment,” and are faster than traditional methods.

They also added that the CBDC helps to improve the medical experience for patients in mental care facilities.

Furthermore, employees explained that the CBDC would allow hospitals to push ahead with “medical reform” and “digitize.”

In 2021, the nation’s first digital yuan hard wallets were piloted at the Shanghai Jiao Tong University School of Medicine’s Tongren Hospital staff canteen.

CBDC-powered Pay in Chinese Healthcare & Energy Sectors

Meanwhile, the Jiangsu Province government used the CBDC to settle their most recent electricity bill for municipal street lamps.

The electricity was provided by the government-run State Grid Jiangsu Electric Power Co., which serves over 46 million energy consumers.

While the digital yuan has been widely used in the world of retail payments and business-to-business payments, this marks the first time it has been used for inter-government payments.

The news agency Xinhua reported that the payment was a “national first” for public institutions.

Last week, the China Securities Regulatory Commission (CSRC) cleared the CBDC for use in the securities market, meaning Chinese investors will soon be able to use the token to pay for wealth products such as funds.

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