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The Digital Yuan Test Program Participants Make 140,000 Purchases

The digital yuan Test Program

The Digital Yuan Test Program Participants Make 140,000 Purchases

The Digital Yuan Test Program Participants

China’s ambition to become the global leader in central bank digital currencies (CBDCs) is being firmly implemented. The national digital yuan, named DC/EP, is rapidly gaining acceptance among the nation. New tests of the digital currency of the People’s Bank of China took place in Shenzhen, citizens conducted transactions worth about $ 3 million

The Shenzhen authorities have announced the results of a new digital yuan test. Its participants made almost 140 thousand purchases for a total of $ 3 million. Digital money was distributed through a lottery. Out of 100 thousand tickets, 200 yuan each, 95.6 thousand were activated. Some users replenished their balances by making about $ 231 thousand in dollar terms.

Lottery winners had to spend the funds received from January 7 to 17. But they may continue to use digital wallets to pay at all the outlets that participated in the experiment, authorities said. You can replenish electronic balances through bank accounts.

State and Private companies actively participate in The digital yuan Test Program

The Digital Yuan Test Program Participants

In December 2020, it became known that the second largest online store in China, JD.com Inc. will support the digital yuan. Also, at the end of last year, it passed a test of using the digital yuan in offline mode. To do this, users just had to bring two devices with crypto wallets to each other.

On January 10, 2021, the Agricultural Bank of China, one of the four major lenders in the country, began installing and testing ATMs to convert fiat currency to DCEP.

China plans to use the national digital currency in Beijing during the 2022 Winter Olympics. The tests are taking place in the cities of Shenzhen, Suzhou, Chengdu, and in the new state-level district of Xiong’an, Hebei province.

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