China gives 10 million digital yuan as a gift to boost its usage

The Shenzhen government, in conjunction with the People's Bank of China, prepared a raffle to award more than 50,000 citizens

The government of Shenzhen (China), together with the People’s Bank of China awarded some 10 million digital yuan to 50,000 people as a prize.

A total of two million people applied to be part of this pilot program, which already has its winners. Each user must download a digital wallet to receive 200 yuan and be able to use it in any of the 3,400 enabled stores.

“After receiving the sms, the person is obliged to download and install the RMB digital application in accordance with the guidelines. The 3,389 merchants involved in the event include catering services, supermarkets, gas stations, underground public transport, pharmacies, department stores and other shops,” indicated the authorities.

This pilot program is one of the most far-reaching in terms of digital yuan testing in the retail purchasing sector.

Officially known as Electronic Payment in Digital Currency (DCEP), the project is one of the most advanced in the world in terms of Central Bank Digital Currencies (cbdc).

K. Tovar

Source: agencies

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