BTC $43362.79 (1.69%)
ETH $3072.85 (5.60%)
USDT $1.00 (-0.0%)
BCH $511.61 (-0.6%)
BSV $130.09 (-3.4%)
LTC $152.64 (0.67%)
BNB $350.78 (0.51%)
ADA $2.25 (-4.2%)
DOGE $0.20 (-0.9%)
BTC $43362.79 (1.69%)
ETH $3072.85 (5.60%)
USDT $1.00 (-0.0%)
BCH $511.61 (-0.6%)
BSV $130.09 (-3.4%)
LTC $152.64 (0.67%)
BNB $350.78 (0.51%)
ADA $2.25 (-4.2%)
DOGE $0.20 (-0.9%)

China Begins Digital Yuan Test For Winter Olympic Games

China Begins Digital Yuan Test For Winter Olympic Games
  • China is testing digital yuan in preparation for the City of Beijing’s Winter Olympic Games next year.
  • As a result, Beijing Municipality will issue more than 50,000 digital red envelopes wherein each will have 200 yuan.

According to a report, China is testing its digital yuan currency in the City of Beijing. This is to prepare for the upcoming Winter Olympic Games in 2022.  The Digital yuan is a currency powered by blockchain.

In line with this, Beijing will be giving away 50,000 digital red envelopes. Each of these red envelopes will contain 200 yuan.

The plan is to showcase China’s scientific and technological prowess through the global sports arena. Hence, it will also promote and empower the digital yuan’s payment gateway features within the digital asset ecosystem.

The public launch of the digital yuan is still unconfirmed. However, it will most likely arrive in 2022, just in time for the Beijing Olympics. Currently, the digital asset is on its third round of testing.

The People’s Bank of China has tried and tested the efficiency of the digital yuan before. The Beijing municipality aims to steadily promote the currency right before the global event. They hope to level up their smart city services with the presence of the digital yuan.

Interested Beijing residents can register to win these envelopes as a lottery designed and wrapped around the ‘Digital Wangfujing Ice and Snow Shopping Festival’. Moreover, for more details on the program, citizens can access the ‘Glamorous Wangfujing’ program.

Registration is open for all to apply via the Jingxi app.  Winners can claim their envelopes from merchants around the Wangfujing Festival area between February 10 and 17.

During the first Digital yuan pilot, the Suzhou government gave residents red envelopes of about 20 million yuan. At the time of writing, the nation aims to issue 150,000 red envelopes of about 30 million yuan.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.