The price of Conflux (CFX) has seen a significant boost after the Bank of China announced that it would begin testing SIM card-linked payments using the digital Yuan. This news comes as Conflux Network partnered with China Telecom to develop a Blockchain-powered SIM card (BSIM) earlier this year.

In May 2023, Conflux Network and China Telecom unveiled their jointly developed BSIM card at the Xuhui District West Bank Artificial Intelligence Center in Shanghai. The recent announcement by the Bank of China has increased the excitement among the Conflux community and resulted in a 10% price surge for the CFX token, which reached a high of $0.2046.

The Bank of China’s program, implemented in collaboration with telecom giants China Telecom and China Unicom, aims to enable payments using the digital Yuan through near-field communication protocol (NFC) and “super SIM cards” technology. Users will be able to make digital Yuan payments by simply tapping their mobile phones on designated payment terminals.

Prior to this announcement, the CFX token had experienced a seven-day price decline, dropping from $0.197 to $0.175. However, the news of the SIM card NFC payments has revitalized investor confidence and sparked a positive movement in the Conflux market.

Frequently Asked Questions (FAQs)

What is Conflux (CFX)?

Conflux (CFX) is a cryptocurrency token that operates on the Conflux Network, a high-performance public blockchain platform designed for decentralized applications (dApps) and smart contracts.

What is the significance of the partnership between Conflux Network and China Telecom?

The partnership between Conflux Network and China Telecom has led to the development of a Blockchain-powered SIM card (BSIM). This technology enables secure and efficient mobile payments using the digital Yuan.

How does the SIM card-linked payment system work?

The SIM card-linked payment system uses near-field communication (NFC) technology. Users can make digital Yuan payments by simply tapping their mobile phones on designated payment terminals. This eliminates the need for physical payment cards and enables quick and convenient transactions.

How has the announcement affected the price of Conflux (CFX)?

The announcement of SIM card NFC payments by the Bank of China has resulted in a surge in the price of Conflux (CFX). The CFX token saw a 10% increase and reached a high of $0.2046 following the news.

What is the outlook for Conflux (CFX) in light of this development?

The partnership between Conflux Network and China Telecom, along with the adoption of SIM card NFC payments by the Bank of China, has created significant excitement and optimism among the Conflux community. This development positions Conflux (CFX) as a key player in the emerging digital payment landscape, potentially leading to further growth and adoption of the token.

Sources: CoinJournal