China continues actively implementing its digital renminbi. From now on, electricity bills can be paid with the national cryptocurrency. The new option has been added to the mobile app that supports the People's Bank of China's virtual currency.
This option is now available for citizens of nine cities, including Shanghai, Dalian, Chengdu, and Qingdao. The country’s authorities reckon that this initiative will significantly increase the circulation of the national cryptocurrency, making it more popular with the population. Besides, it will also help test the use of the digital yuan. Notably, 21 million new e-wallets have been created since the launch of the digital renminbi testing, while the amount of transactions has reached $5.3 billion. The 2022 Beijing Winter Olympics will become a testing ground for the next stage of China's digital currency rollout. The People’s Bank of China commits to make it possible for foreign athletes and visitors to use the digital yuan during the 2022 Winter Olympics without having to open an account with the local bank. Other countries are trying to keep up with China in terms of exploring the idea of central bank digital currencies. For example, Russia and the European Union have also presented their CBDC development plans. The Central Bank of Russia will test the digital ruble as early as January 2022. In the EU, the investigation phase of the digital euro project started in mid-July. Both regulators believe that cryptocurrencies will not replace cash or bank cards but will complement them.
