Tag Archive : cashless

/ cashless

  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run

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The Land Transportation Franchising and Regulatory Board (LTFRB) issued a directive that would prohibit any additional fees for the purchase of beep cards on public utility vehicles (PUV).

The regulator issued Memorandum Circular (MC) 2020-057 following the government’s stance to remove any fees on top of the fare load.

From MMDA FB Bus
From MMDA FB Bus

Based on MC 2020-057, the LTFRB “deems it necessary to order PUV operators and the automatic fare collection system (AFCS) providers to the cost of the card” so as the commuting public not to shoulder any additional burden when taking the public transport.”

Issued October 6 and will be effective tomorrow (Friday, October 9), the latest directive from the LTFRB followed the string of complaints and reports about added payment as high as P80 charged fee for Beep card purchases.

LTFRB
LTFRB

The board also cited in the circular that President Rodrigo Duterte dipped his finger

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