Digital yuan begins testing procedure in Chinese schools

The Land of the Rising Sun has launched an active test of the yuan in digital format, which looks like a prepaid card for schools. This was reported in a local magazine with a reference to one of the institutions in the country.

The card provides the ability to work with digital currency and plays the role of a small smartphone. With the help of the gadget, students can make payments at several outlets and spend money on communication. Additionally, they introduced a system of mandatory location using GPS.

Parents have access to settings that will allow them to limit the use of technology using a specially released application. It will help replenish the wallet with a digital asset and implement cost control.

The Ministry of Education in China in 2022 introduced a ban for all students in primary and secondary schools to use in class and bring mobile devices with them. This should help in improving the education process.

In February, the total balance sheet with this asset stood at $74 million. For example, the turnover of money in the country is 1.3 trillion dollars a year.