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At press time, Conflux (CFX) token was trading at $0.1981, up 10% in the last 24 hours.
Conflux Network partnered with China Telecom to develop a Blockchain-powered SIM card (BSIM) in May 2023.
The Bank of China will start testing of SIM card-linked payments using the digital yuan.
The Bank of China declared on July 10 that it would begin testing SIM card-linked payments using the digital Yuan on July 11. The announcement has boosted Conflux (CFX) price seeing that Conflux Network partnered with China Telecom to develop a Blockchain-powered SIM card (BSIM). In May 2023, the two unveiled their jointly developed BSIM card at the Xuhui District West Bank Artificial Intelligence Center in Shanghai.
The state-owned bank asserted in its statement that it is implementing this programme in conjunction with telecom behemoths China Telecom and China Unicom. With the help of the near-field communication protocol (NFC) and “super SIM cards” technology, the project aims to make payments possible.
Users will essentially be able to process digital Yuan payments by making contact with designated payment terminals with their mobile phones.
Excitement among the Conflux community
The CFX community now believe the Conflux Network will have a big impact on the new SIM Card e-CNY payment system. This enthusiasm resulted in a rise in price, which increased by 10% this morning to reach a high of $0.2046.
Prior to the announcement, the CFX token was experiencing a seven-day price decline that saw it slip from $0.197 to $0.175.
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