- Chinese bank launches special test of digital yuan
- As part of the promotion, people will receive free e-CNY and unlimited shopping
- The goal is to see how banks cope with a heavy load.
The People’s Bank of China (PBOC) continues to implement the e-CNY digital yuan. To make people more willing to use it, the country will transfer 15 million yuan ($2.27 million) to the wallets of residents of the Shenzhen-Futian area.
To participate in the promotion, you need to connect payments via WeChat, and there will be 130,000 testers in total. They will receive digital yuan, which they can spend in any local shops, restaurants and services. The minimum amount is not limited. This is the first time that the digital yuan is being tested by all 8 pilot banks in all sectors of the economy.
Shenzhen is the city of lucky people
Shenzhen was one of the first cities to start testing e-CNY. The Chinese authorities have already held airdrops here several times.
So, in 2020, residents of Shenzhen received 10 million crypto-yuan. But then they could pay only in special outlets.
Now the central bank is increasing the number of cities in which the digital yuan will circulate. Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou and Xiamen will be added here. The e-CNY mobile wallet has become the most popular app in the country.
As of the end of last year, the e-CNY currency was used by 261 million residents. And the total amount of transactions exceeded 87.5 billion yuan ($13.8 billion).
The digital yuan was one of the main currencies at the Beijing Winter Olympics.