China Launches Digital Yuan Platform for Airline Tickets

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Wormhole has unveiled the Wormhole Gateway, a Cosmos-developed application-specific blockchain. Through a single cross-chain liquidity router, the Gateway attempts to connect several Cosmos chains and applications. The first phase will connect 23 Cosmos-based chains, including well-known ones such as Osmosis, Evmos, Neutron, and Sei. More chains are being integrated utilising Cosmos’ native communications mechanism, the inter-blockchain communication protocol (IBC). The Gateway network will act as a verification layer for Wormhole communications, adding a further level of security to Wormhole’s Guardian consensus process on a public ledger.

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The digital yuan, China’s central bank’s digital currency, is now accessible for Chinese business travellers to use to pay for airline tickets. A partnership between China Merchants Bank and the Chinese Civil Aviation Administration resulted in the establishment of a digital yuan platform, allowing businesses and entrepreneurs to use the digital yuan for simple business air ticket purchases and access to new services. Suzhou-based China Travel Service has already utilized the platform to purchase tickets on behalf of its clients. The People’s Bank of China has been supporting the usage of digital yuan in China’s transportation network, with Beijing Daxing International Airport and Beijing Capital International Airport collaborating in 2022 on a cargo-related digital yuan program.The CBDC pilot program has spread across other industries, with citizens in Shenzhen opening roughly 36 million digital yuan wallets.

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