Image default
Special Bitcoin News

China Airdrops Digital Yuan Worth $3 Million — 10,000 Stores Will Accept It

Twenty million yuan ($3 million) in China’s central
bank digital currency will be given away to 100,000 people in the
country’s largest test of the digital yuan to date. The digital
currency will be accepted at 100,000 stores, including JD.com, one
of China’s largest online retailers.

$3 Million in Digital Yuan Giveaway

The Chinese city of Suzhou, located west of Shanghai, is
reportedly gearing up to hand out 20 million yuan in the
country’s central bank digital currency (CBDC) to 100,000
residents, according to a statement posted Friday by the Suzhou
municipal government. The digital yuan is officially known as the
Digital Currency Electronic Payment (DCEP). The South China Morning
Post detailed:

A total of 100,000 digital red packets, each containing 200
yuan, will be distributed to residents on December 11, the eve of
the so-called Double Twelve shopping festival. They will be valid
until December 27.

“Any Chinese citizen living in the eastern city can register
for the lottery through Suzhoudao, the city’s official public
services app,” the publication added. The lottery winners will
receive the red packets through the official Digital Renminbi
App.

A few hundred digital yuan giveaway recipients will also become
the first to use what the central bank, the People’s Bank of
China (PBOC), calls “dual offline wallets.” This allows them to
use the digital yuan to pay for goods in stores without having to
be connected to the internet, “effectively replacing notes and
coins with the digital yuan,” the news outlet conveyed.

About 10,000 stores will take part in Suzhou’s digital yuan
trial. This includes JD.com which claims to be China’s largest
online retailer. The company announced on Saturday it has become
China’s first online platform to accept the PBOC-backed digital
currency, Reuters reported. JD.com’s fintech arm JD Digits will
accept the digital yuan as payment for some products on its online
mall, a post on the company’s official Wechat account
details.

Suzhou’s digital yuan airdrop follows a similar giveaway in

Shenzhen
where the first large-scale public trial of the
PBOC-backed digital currency took place in October. Ten million
yuan were airdropped to 50,000 Shenzhen residents and 3,389 stores
participated.

What do you think about China airdropping digital yuan?
Let us know in the comments section below.

The post
China Airdrops Digital Yuan Worth $3 Million — 10,000 Stores Will
Accept It
appeared first on Bitcoin News.

Related posts

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’

Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries

Real Estate Billionaire Sam Zell Skeptical of Bitcoin but Says ‘It May Be the Answer or One of the Answers’

Translator / 翻译者 / Traductor