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Chinese Citizens Receive $3M Digital Yuan for CBDC Testing

Chinese Citizens Receive $3M Digital Yuan for CBDC Testing
  • China has started giving away about $3 million worth of digital yuan in the form of a lottery to Suzhou residents.
  • The $3 million worth of giveaways is due to the upcoming testing of the country’s digital yuan.
  • Chinese e-commerce giant JD.com became the first platform to accept the said digital currency.

Suzhou residents will receive up to $3 million worth of digital yuan in the form of a lottery. This is as a result of the upcoming testing of the country’s own central bank digital currency (CBDC).

As part of the initiative, the digital yuan will mainly function as the Chinese digital currency electronic payment (DCEP). This will help improve the use case of the digital asset within the e-commerce space in the Chinese community.

Furthermore, the $3 million giveaway will be in red packages that cost $30 each. Moreover, citizens need to register their accounts and activate their digital wallets with the Chinese official banks.

By increasing the digital yuan usage, over 3,000 accredited stores will be linked to the Chinese people’s bank. This will help individual participants to spend their redeemed giveaways effortlessly.

What is more, according to the Chinese authority, local e-commerce giant JD.com was also the first to accept the digital yuan payment.

A total of 100,000 digital red packets, each containing 200 yuan, will be distributed to residents on December 11, the eve of the so-called Double Twelve shopping festival. They will be valid until December 27.

Meanwhile, this is not the first time the Chinese authorities have conducted such digital currency trials. Separately, a minimum of four countries, namely Suzhou, Shenzhen, Chengdu, and Xiong’An have been selected to test the digital yuan before it circulates officially.

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.