Digital yuan pilot trial in Suzhou records 20,000 transactions
In a repeat initiative of October 2020, the Chinese government created a lottery for citizens with 100,000 individual virtual red packets of 20 million yuan ($3 million) available to be won.
Digital Yuan Trial
In a real-world pilot trial of the digital yuan, residents of Chinese city Suzhou recorded close to 20,000 transactions within a 24-hour period on e-commerce giant JD.com.Begun on Friday 11th December, this event coincided with the Double Twelve festival on Saturday to encourage citizens to spend their digital yuan during what is a major shopping holiday in China.
As well as 20,000 transactions recorded on JD.com, over 10,000 physical stores also recorded payments from the trial which continues until 27th December.
Local media outlet Global Times, reported that 80% of participants who actively engaged in the trial were people born in the 1980s and 1990s, millennials aged 30 – 40.
Red Packets
In October, 2 million citizens of Shenzhen signed up for the cities week-long Digital Currency/Electronic Payment (DC/EP) trial programme whereby the government gifted 50,000 red packets worth 200 Yuan ($30).This incentive was an overwhelming success, resulting in over 47,000 customers spending over 8.8 million Yuan ($1.3 million) across 3,389 physical and online stores.
Comments
Managing Director of the Shanghai-based Digital Renaissance Foundation, Cao Yin believes that wide-scale testing is crucial for the People’s Bank of China (PBC), before embarking on their digital currency voyage."In 2021, China will continue to look for more scenarios to test the digital yuan, but an extensive launch is still unlikely," citing potential issues of system errors and security as a reason for extensive testing before launch.
Yin continued onto say:
"China should be the first country to launch a digital currency, while countries like the US are looking to summarize China's experience and avoid risks. In a sense, we have only ourselves to compete with on this matter, and there's no need to rush it."
Current sentiment predicts that China will continue to trail the digital yuan in across a range of different cities until mass data is collated on its usability, security, operation and public acceptance.
Former head of the PBC, Dai Xianglong recently touted the 2022 Winter Olympic Games in Beijing as a potential landmark event for showcasing their asset, with 2023 seen the year of country-wide adoption.
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