- Tram Ho
China will spend 40 million digital yuan ($6.2 million) for Beijing people by dialing.
Residents of the capital Beijing can use two banking apps to sign up for a chance to win a red packet of 200,000 yuan, according to the Beijing Local Financial Supervision and Administration. Each red envelope contains 200 digital yuan (about 31 USD). Digital yuan is accepted by certain stores. Deadline for registration is June 7th.
Digital renminbi was distributed to the people of Beijing in the form of a dial-in number. Photo: CNBC.
The world’s number two economy has not yet rolled out the digital yuan nationwide, focusing instead on dial-up testing in many regions. China started developing its own cryptocurrency in 2014.
Li Bo, deputy governor of the People’s Bank of China (PBOC), said in April that the central bank would expand the scope of testing, even offering foreign visitors at the Northern Winter Olympics. Sutra 2022.
In February, the city of Chengdu, southwestern China also distributed 40.2 million digital yuan to people in a similar form. Before that is the Shenzhen technology gateway.
The digital yuan is not like Bitcoin because it is issued by a central authority – the PBOE – while Bitcoin is “decentralized”.
Li has previously asserted that the digital yuan is for domestic use only and is not intended to challenge the dominance of the dollar.
Source : Genk