China continues to test the digital yuan

The Chinese government is planning to hand out about 15 million yuan worth of CBDC to about 130,000 residents of the Shenzhen community.

These coins will be accepted in at least five thousand stores, with no minimum purchase required to be used.

The People’s Bank of China is still testing their CBDC and as part of the testing they are running this giveaway. A total of 130,000 red packets will be distributed through a Wechat paid raffle system.

Reports reveal that this is the first time that the digital yuan in question has been issued by eight pilot banks. It has also been included in other sectors, such as restaurants and supermarkets, for a certain period of time.

Due to a new Omicron outbreak reported in Shenzhen, the People’s Bank of China has reportedly been promoting the coin to benefit residents.

K. Tovar

Source: Cointelegraph