Digital Yuan Trial Goes Live But Fears Over Dystopian Future Grow Louder
After years of rumors and leaks on Chinese social media, Shenzhen residents became the first in the country to trial the digital yuan. Distribution of funds took place via a lottery-style promotion with 50,000 “red packets,” each worth 200 yuan ($30), up for grabs. Chinese citizens living in Shenzhen registered their interest via the local […]
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A lottery in Suzhou will additionally trial the offline feature of the digital yuan, per a Monday report.
Tied in with a national shopping event, the trial will add "offline" and "touch" functionality. The Chinese city of Suzhou will be the second to roll out a “red envelope” trial for the forthcoming digital yuan, according to a report in local media outlet The Paper.Following the successful pilot scheme run in the city of Shenzhen last month, insiders say that the Suzhou district of Xiangcheng will be launching the giveaway to coincide with the country’s Double 12 shopping event on Dec. 12.Many businesses in the district have reportedly already installed near-field communication QR codes in....
The Bank of Communications and China Construction Bank conducted digital yuan trials at two major department stores in Shanghai. Shanghai’s New World City and New World Daimaru Department Store, and food caterer Taikang Food Store handled thousands of digital yuan transactions over the past weekend, Shanghai Daily reports.As part of the trial, the retailers featured digital yuan payments as part of a sales campaign in conjunction with International Women’s Day. Brand director of Shanghai New World Li Wei said that the firm reached out to commercial banks to offer discounts as part of the....
The numbers come following the Suzhou municipal government giving away roughly $3 million in a digital yuan lottery for residents. People in China have conducted roughly 20,000 transactions through e-commerce company JD.com in a trial of the country’s digital yuan.According to local media outlet Global Times, JD.com reported that 80% of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency starting on Friday evening, with at least one transaction larger than $1,527. The e-commerce site also reported the numbers as the city of Suzhou....
Didi, Meituan and Bilibili are reportedly taking part in the latest test of the digital yuan, allowing lottery winners to spend the digital currency online.