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Chinese city Shenzhen launch $3 million digital yuan test
From 1st January 2021, residents of Shenzhen could use the "i Shenzhen" platform to register their interest in an upcoming red envelope lottery draw to win 200 digital yuan ($30).
Digital Yuan Testing
Following the overwhelming success of China’s lottery pilot in the city of Shenzhen in October 2020, residents have been gifted a further opportunity to participate in the famous ‘red packet giveaway’.In total, 100,000 red envelopes are available to claim in the trial - one per resident - with a total of 20 million digital yuan ($3 million). This figure is double the previous total of $1.5 million during the cities October 2020 trial. On this occasion, residents will have 10 days to spend their assets between the 7th January and 17th January.
China’s DC/EP
Known in the country as (Digital Currency/Electronic Payment (DC/EP), the enterprising financial programme utilises blockchain technology to test the usability and viability of a digital currency.Pegged 1:1 to the Renminbi (RMB), the initiative hopes to pave the way for a landmark launch at the 2022 Winter Olympic Games in Beijing, placing China on top of the financial podium for decades to come.
Despite effervescent demand by over 2 million Shenzhen residents to participate, only a fractional 50,000 were lucky to receive the illustrious red packets of 200 Yuan ($30) to spend during the trial. These customers surpassed expectations, with results revealing that over 47,000 customers spent over 8.8 million Yuan ($1.3 million) across 3,389 physical and online stores.
In December, East China's Jiangsu Province of Suzhou launched another real-world pilot trial of the digital yuan, gifting 100,000 residents red packets worth $3 million. The pilot was lauded a success by participating online retailers and local physical stores.
Future of CBDCs
Central Bank Digital Currencies (CBDCs) have become a prominent discussion point in 2020, spearheaded by China’s successes in pilot testing. In this feature-length journal piece reviewing 2020, we covered the successes of several nations in this field throughout 2020 and discussed the future potential of CBDCs this coming year.Continue reading by joining Cryptonary Pro
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