Bitcoin
$ 60,293
Ethereum
$ 2,151.7
Litecoin
$ 231.12
okex ads

CBDC Trial, As Government Of China Pay Out About $1.5 Million Worth Of It’s Digital Currency

“China has started one of the biggest real world trials for its digital currency as it pushes closer toward creating a cashless future”.

Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency. Nearly 2 million people applied and 50,000 people actually won.

The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen. The south China technology hub is home to some of the country’s biggest tech giants including Huawei and Tencent.

Local supermarkets and pharmacies are among the participating merchants as well as Walmart.
China has been pushing toward a cashless society.
The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank. It is not looking to replace digital wallets like Alipay or WeChat Pay. It will likely work together with them and other banks.

In comparison, Bitcoin is decentralized, which means it’s not owned and controlled by one entity, and it is not distributed by a central bank.
China’s digital yuan has been in the works for the past few years and there have been just a handful of small trials across the country. The Shenzhen pilot appears to be the biggest so far.

Central banks around the world are exploring the idea of issuing digital currencies. Last week, the Bank for International Settlements and seven central banks published a framework for central bank digital currencies, or CBDCs.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Crypto Adoption Rate is Steadily Rising Compared to 2017
April 10, 2021By
German Bank Donner & Reuschel Set To Offer Crypto Services
April 9, 2021By
Blockchain-Based Solution For Security And Scalability For Any Business
April 9, 2021By

Advertisement

Video Posts

In
Blockchain-Based Solution For Security And Scalability For Any Business
April 9, 20210
In
Tech Adoption For Small Business
April 6, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin60,293 0.10 % 3.30 % 2.09 %
Ethereum2,151.7 0.10 % 3.95 % 0.82 %
Binance Coin475.46 0.31 % 7.66 % 41.11 %
Tether1.000 0.14 % 0.01 % 0.03 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.230 0.28 % 1.36 % 3.06 %
XRP1.240 0.37 % 24.80 % 105.94 %
Uniswap29.82 0.36 % 0.25 % 0.85 %
Litecoin231.12 0.46 % 2.64 % 9.09 %
Chainlink32.05 0.09 % 0.63 % 0.95 %