China distributes 10 million yuan in digital currency from its central bank in Beijing. Recipients can spend the digital yuan during Chinese New Year. Beijing has become the third major city in China to test the central bank’s digital currency.
50,000 people receive free digital yuan
China is actively testing its central bank digital currency (CBDC). Beijing is the next city to introduce a digital yuan.
Beijing’s city government announced over the weekend that it would distribute a total of 10 million yuan ($1.55 million) to 50 000 city residents who participated in the draw via mobile phone apps. The results will be announced on the 10th. February has been announced. According to CNBC, recipients will be selected from applicants who must have a Chinese identification number or who live in Hong Kong, Macau or Taiwan.
Each person receives 200 yuan (about $30) in digital currency in the form of a red packet. Two former test cities, Shenzhen and Suzhou, have also distributed digital yuan to their residents in this way.
Six banks are participating in this test: Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications and China Postal Savings Bank.
From 10 to 17 years old. In February, during the Lunar New Year holiday, recipients can spend the central bank-issued digital currency at designated offline locations or on certain parts of the JD.com e-commerce site. Beijing is preparing to more strongly promote the country’s digital currency at the upcoming 2022 Winter Olympics.
What do you think of Beijing’s digital dumping of the yuan? Let us know your comments in the section below.
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Beijing, Beijing City, CBDC, Chinese digital currency, digital currency, digital yuan, digital yuan drop, digital yuan donation, PBOC, Winter Olympics
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frequently asked questions
Is China moving to a digital currency?
The Chinese government has taken a big step forward in financial technology and is ready to launch its digital currency, Digital Currency for Electronic Payments (DCEP or Digital Yuan).
What is China’s new digital currency?
The People’s Bank of China is developing a digital yuan, the central bank’s so-called digital currency, to replace some of the cash in circulation. China has already begun field tests of the digital currency in several cities, including Shenzhen, Chengdu and Suzhou.
Are cryptocurrencies banned in China?
In 2017, Beijing introduced a ban on Initial Coin Offerings, a way to issue digital tokens and raise funds. Moreover, the government has cracked down on companies involved in cryptocurrency trading, such as. B. Exchange. China is also striving to become more environmentally friendly.
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