For a week, residents of a Chinese city …

For a week, residents of a Chinese city …

This man worked undercover in a Chinese iPhone factory

Contents

Residents of the Chinese city of Shenzhen spent 8.8 million digital yuan in a week
CONTENT

  • Users spent 8.8 million digital yuan in a week

  • China prepares to move to digital currencies

  • Country Launches CBDC To Stop Libra Dominance

International consortium of news organizations, developing standards for transparency.

In the Chinese city of Shenzhen, testing of China’s digital currency has started – the digital yuan, which has not yet been officially launched into circulation. In the first week, users spent about 8.8 million yuan, which in dollar terms exceeds 1.3 million.

For a week, residents of a Chinese city ...

62 thousand transactions per week is not the limit

Chinese authorities have begun testing the central bank’s cryptocurrency (CBDCBills and coins may be a thing of the past due to a new financial instrument – central bank digital currencies (CBDC). As … More), which was developed late last year. In early October, the Chinese government announced a digital yuan airdrop for Shenzhen residents. As reported by the BeInCrypto portal, the authorities decided to hold a lottery in which 10 million digital yuan will be drawn. Winners will be able to receive up to 200 digital yuan. Support for digital yuan has already been implemented in 3389 stores, the newspaper notes.

The happy owners of the digital yuan immediately rushed to use the digital currency for its intended purpose and went shopping. As a result, 62 thousand transactions were made in the first week of testing the digital currency, and the total amount of spent funds exceeded 8.8 million yuan or $ 1.3 million, according to the local newspaper South China Morning Post..

“Over 1.9 million people took part in the airdrop, but only 47 thousand people received 200 digital coins each,” the article says..

As previously reported by the editorial staff of BeInCrypto, employees of state-owned banks in several cities of the PRC, including Shenzhen, have long been conducting internal testing of the application for transferring funds and making payments..

For a week, residents of a Chinese city ...

Digital yuan instead of Libra

Chinese authorities announced the creation of the digital yuan last year, immediately after the information about the upcoming launch of the Libra stablecoin appeared.In June 2019, Facebook announced preparations for the release of the Libra digital currency. The social networking project immediately caught the attention of … More, which could become a global digital currency. In a record low time, the People’s Bank of China developed its own CBDC and even started testing. This is how it was:

On December 9, 2019, the Chinese authorities announce the readiness of the new digital currency for testing. Seven state-owned enterprises, three telecommunications companies and four private banks have been selected as a platform for testing the digital yuan. As told in the People’s Bank, the pilot program will affect the field of transport, education, trade and medical services. Some banks have also decided to partner with telecommunications companies to develop SIM cards with embedded digital wallets, while others have created their own storage applications..

Government officials and employees receive their first digital yuan salary in May 2020.

In August of this year, according to Reuters, employees of state-owned banks in several cities in the PRC, including Shenzhen, are conducting internal testing of the application for transferring funds and making payments. Thus, the Celestial Empire is getting closer to launching its own digital currency of the Central Bank (CBDC).

In October, the digital yuan was tested among users. In fact, China has taken the lead in the CBDC race. BeInCrypto asked experts what the global economy will face if China launches its digital currency before America. Answers can be found here.

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