Beijing and Suzhou are all set to issue 40 million yuan in the latest digital yuan trials.

Beijing and Suzhou will issue a total of 40 million yuan (US$6.2 million) in the latest trials of the nation’s digital currency this week.

According to the South China Morning Post report, according to government notice issued over the weekend, Beijing will distribute 10 million yuan in digital red packets, each worth 200 yuan (US$31) via a lucky draw each on Wednesday for use both online and offline. Digital yuan users will be able to spend the money until February 17 in selected online and physical shops, covering clothing and shoes, cinemas, hotels, and other areas.

 

Suzhou will distribute 30 million yuan in the latest digital yuan trial.

It was reported that the city of Suzhou would distribute 30 million yuan, also from Wednesday, as part of its second trial of the digital yuan. In Suzhou, winners of the 200 yuan red packets will be able to spend the CBDC until February 26 in both offline and physical shops, with over 10,000 businesses expected to support payments using the digital currency during the trial, covering items including groceries, daily necessities, and catering. Earlier, the city distributed 20 million yuan during its first trial of the digital yuan.

 

DCEP is issued and backed by the country’s central bank. 

As reported earlier this year, Beijing, Shanghai, and Guangdong, China’s wealthiest provinces, all made new commitments to test the digital yuan. The digital yuan, known officially as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Unlike bitcoin and other cryptocurrencies, the DCEP is issued and backed by the country’s central bank and is designed as a digital version of the yuan. Unlike bitcoin and other cryptocurrencies, the DCEP is issued and backed by the country’s central bank and is designed as a digital version of the yuan. A number of other pilot projects for the digital yuan have been held in Xiongan, Chengdu, and venues for the 2022 Winter Olympics in Beijing. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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