digital yuan

Chinese Residents make 20K Digital Yuan Trial Event Transactions

In a trial of the country’s digital yuan, people in China conducted around 20,000 transactions through the e-commerce company reported that 80 percent of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency starting on Friday night, with at least one transaction greater than $1,527, according to local media outlet Global Times.

As the city of Suzhou conducted a real-world trial for digital yuan at the Double Twelve” shopping festival. In which 10,000 physical storefront locations participated, the e-commerce site also reported the numbers.

Suzhou trial conducted across China to test digital currency

The Suzhou trial is one of many that may be conducted across China to test digital currency central bank use cases. The municipal government of the town reportedly gave away approximately 100,000 “red envelopes”. Containing $3 million in digital yuan in a lottery for residents, a traditional method of presenting gifts in China. In October, with a public giveaway of $1.5 million to 50,000 lottery winners. The town of Shenzhen launched a similar pilot programme to promote the digital currency.

“In 2021, China will continue to look for more scenarios to test the digital yuan. But an extensive launch is still unlikely,” said Cao Yin, managing director of Shanghai’s Digital Renaissance Foundation. He added that until officials are certain the digital currency can be safely issued. The Chinese government would likely continue controlled trials:

“We have only ourselves to compete with on this matter, and there’s no need to rush it.”

In April, PBoC launched Pilot Programmes for digital yuan

In April, in Shenzhen, Chengdu, Suzhou and Xiongan, the People’s Bank of China launched pilot programmes for its digital yuan. As of November, more than 4 million transactions, totaling roughly $300 million, reportedly processed by the programmes.

The central bank has announced that it would expand the number of testing cities to include Beijing and Tianjin. As well as the surrounding Hebei province since the launch of the digital yuan trials. In August, Cointelegraph announced that the bank could launch the digital currency before the 2022 Olympic Winter Games. Scheduled to take place in Beijing in February.