Chinese Government Set to Give $4.6M Away In Digital Yuan As Country Furthers CBDC Tryouts

The residents of Chengdu are set to receive a whopping $4.6 Million in Digital Yuan as the government is doubling down on the trials of the country’s central bank digital currency called Digital Yuan.

China is set to launch another substantial test of its digital currency – the digital yuan this January. Reports from the local news station confirm that the next hotspot for the trials of the nation’s dear future digital asset will be the Sichuan’s Capital which is Chengdu.

Chengdu to receive a whooping $4.6 Million worth of CBDC

A mobile payment network, Mpaypass released in their recent media report that a Chinese province, Sichuan whose capital is Chengdu will be the next area to try the efficiency of the new Chinese digital currency out and to that effect will receive an investment worth over 4 Million USD.

The tryout in Chengdu is obviously not the first as there have been other tryouts in places like Suzhou and Shenzhen. For the trial of the country’s Central Bank Digital Currency, the government released about 30 million of it that is worth $4.6 Million.

A media publication cites an internal note of the china’s bank of communications that reads that the residents of the Chengdu will be offered a chance to test the efficiency of the country’s new digital currency CBDC and its possibilities via a lottery and the registrations of the lottery start by the 27th of January.

The lottery is being conducted by the Tianfu Citizen Cloud application and the requirements of entry include a second-generation ID and a Chinese Mobile number. At some point, most of the residents seem unclear about the benefits of the digital currency’s lottery but are informed that they will be able to spend that asset to the merchants of the local community from the 4th of February to the 26th of February 2021 which is coincidental with the Chinese Lunar New year celebration.

A repeated trial of CBDC attracting investments

Aside the government’s investments in the trials, a giant e-commerce company in china is set to give another 20 Million of the digital currency away which is worth around 3.1 Million USD which can be used for shopping online. This singular act will make JD the first online mall to accept the CBDC as a legal payment.

Leave a Reply

Your email address will not be published.