China turns up pace on CBDC release, tests infrastructure prior to adoption

The yuan is not seen as a major currency.

US Fed: CBDC a ‘very high priority’ to combat bad private sector money

The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin technology, says Fed chairman Jerome Powell.

Further Details of ‘Offline’ Chinese Digital Yuan ‘Hard Wallet’ Emerge

The masterminds behind the digital yuan – the forthcoming Chinese central bank digital currency – have provided further explanation about a new “hard” wallet, which makes no use of smartphone technology. Per Tencent’s media arm, the hard wallet, which resembles a conventional credit card but for a digital LCD readout in its top right-hand corner that lets

State-Backed Agricultural Bank of China Launches the First Digital Yuan ATMs

The Agricultural Bank of China (ABC), one of China’s “big four” banks, is embarking on a pilot program to enable the first digital yuan ATMs.

Cointelegraph predictions for the first 5 CBDCs of 2021-2022

2021 & 2022 touted to be the most important years for the development of CBDCs Central Bank Digital Currencies (CBDCs) have been an integral part of progressive discussions within the cryptocurrency community. CBD

Chinese Bank Trials Digital Yuan Services at ATMs: Report

Trials of China's central bank digital currency continue, with ATMs now starting to be used in Shenzhen.

State-owned Chinese bank rolls out ATMs for digital yuan

The Agricultural Bank of China has launched an ATM pilot program that enables citizens to convert cash and savings to and from the digital yuan.

China Launches Digital Yuan ‘Hard Wallet’ Card Pilot Program

The People’s Bank of China (PBoC) have green lighted a physical card-wallet pilot to test its digital yuan.

GAC NIO says it accepts payments in Bitcoin, digital currency, then retracts statement

GAC NIO, a joint venture between GAC Group and NIO, recently announced that the firm had begun accepting payments in e-yuan, China’s digital currency, which would allow users to buy its cars.

China Pilots Phone-free Digital Yuan Wallet at Shanghai Hospital

The Chinese central bank, the People’s Bank of China (PBoC) appears to have green-lighted a “hard wallet” smartphone-free pilot for its forthcoming digital yuan. Per a Tencent news report, the pilot is being conducted in the staff cafeteria of the Shanghai Jiao Tong University School of Medicine’s Shanghai-based Tongren Hospital, where it began operating yesterday.

XRP Army Fils A Petition, Digital Yuan Giweaway + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Legal news XRP investors have filed a petition against the US Securities and Exchange Commission (SEC) on December 29, claiming "irreparable harm and damages" that declaring XRP a security causes them.

Selected Shenzhen residents to get lottery 'red envelopes' with digital yuan

Winners of the city's lottery will have 10 days to spend their gifted digital currency, at any of 10,000 supported merchants. Programs to pilot and encourage widespread adoption of China's central bank digital currency, known as DC/EP or the digital yuan, are continuing apace.  As a New Year's offering, the city of Shenzhen is offering its residents the option to register to take part in a municipal lottery, as of Jan.

Shenzhen to Double Digital Yuan Giveaway in China’s Latest Lottery Test

The latest digital currency giveaway is aimed to gauge user experience ahead of an expected launch.

Japan's digital yen open for more private engagement

China has been the only nation until now that has been quite confident about the release of its own digital yuan.

'China not planning to replace global fiat with digital yuan'

Zhou Xiaochuan, former Governor of China’s central bank revealed today that the nation’s long-awaited Digital Currency Electronic Payment or its CBDC, digital yuan, is not being issued as a replac The post 'China not planning to replace global fiat with digital yuan' appeared first on AMBCrypto.

China has no plan to replace USD with digital yuan, former PBoC head says

A former PBoC official says that his country has taken a cautious approach with the digital yuan. The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to a former governor of the People’s Bank of China, or PBoC. Zhou Xiaochuan, the president of the Chinese Finance Association and former PBoC governor, claimed that China’s digital yuan is not intended to replace global fiat currencies like the United States dollar and the euro, the South China Morning Post reported on Dec.

Former PBoC Governor: Digital Yuan Won't Threaten US Dollar

China is seeking to reassure those who fear the digital yuan may erode the US Dollar's status.

Ex-People’s Bank Chief Says Digital Yuan Not Planned to Replace Global Currencies

"We are not like Libra and we don’t have an ambition to replace existing currencies,” said a former governor of the People's Bank of China.

Chinese residents make 20K transactions in digital yuan trial event

The numbers come following the Suzhou municipal government giving away roughly $3 million in a digital yuan lottery for residents. People in China have conducted roughly 20,000 transactions through e-commerce company JD.com in a trial of the country’s digital yuan. According to local media outlet Global Times, JD.com reported that 80% of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency starting on Friday evening, with at least one transaction larger than $1,527.

China's Digital Yuan Tries to Gain a Foothold

A $3 million airdrop of DCEP in Suzhou sees the ascendency of one of China's biggest e-tailers, JD Digits.

China: Suzhou's DCEP trial sees digital yuan on JD.com, Meituan, and Didi

Today, the 11th of December, marked the first day of China’s latest DCEP trial in Suzhou after results of the lottery were announced earlier in the day.

3 Chinese E-Commerce Giants Join Latest Digital Yuan Lottery Trial: Report

Didi, Meituan and Bilibili are reportedly taking part in the latest test of the digital yuan, allowing lottery winners to spend the digital currency online.

China Preparing to Wow World with Digital Yuan at Winter Olympics

The national Stadium (a.k.a. Bird's Nest) built for 2008 Summer Olympics and will be used again in the 2022 Winter Olympics.

Zhou Xiaochuan: The Father of the Digital Yuan

“The PBOC that is not criticized by the public will not withstand the test of history," the current head of the central bank says.

MicroStrategy Buys More Bitcoin, Hong Kong Eyes Digital Yuan + More News

Traditional Chinese junkboat sailing across Victoria harbour, Hong Kong.

China to Test 'Tap' Payments for Digital Yuan

The move aims to make the upcoming CBDC’s experience as simple and user-friendly as possible for Chinese citizens.

China Airdrops Digital Yuan Worth $3 Million — 10,000 Stores Will Accept It

Twenty million yuan ($3 million) in China’s central bank digital currency will be given away to 100,000 people in the country’s largest test of the digital yuan to date.

Hong Kong in Talks With PBOC on Digital Yuan Trial for Cross-Border Payments

PBOC’s Digital Currency Institute and the HKMA are discussing the technical pilot testing of using e-CNY form making cross-border payments.

Giant Chinese Online Retailer JD.com To Enable Purchases With The Digital Yuan

The development of the Chinese CBDC continues as the second-largest online retailer in the country has agreed to be the first virtual mall to use it.

JD.Com Says It’s Accepting China’s Digital Yuan for Latest Lottery

Chinese e-commerce firm JD.Com says it's become the first online platform to accept the nation's central bank digital currency.

China's central bank plans digital yuan pilot for payments to Hong Kong

Preliminary talks are underway to begin testing the e-CNY in the special administrative region of Hong Kong.

Though centralized, a digital yuan is too big for China to surveil, says Cypherium CEO

Despite ambitions of overtaking the dollar, China's central bank will have a hard time monitoring all the transactions involved in a CBDC, though commercial banks might lend a hand. There are technical limits to even the most technologically ambitious of central banks. So says Sky Guo, CEO of Cypherium — an enterprise blockchain platform that has partnered with a number of Chinese cities and has worked with projected central bank digital currencies.

China’s Digital Yuan Launch Could Threaten Macau’s Gambling Industry

Gambling businesses in Macau fear that the launch of digital yuan would render them obsolete.

PlusToken Crypto Scam Masterminds to Serve 11 Years in Prison

the ringleaders of the PlusToken Ponzi Scheme has been charged with 11 years of prison after they stole cryptocurrencies worth 14.8 billion yuan.

Suzhou Next City in China to Test Digital Yuan DCEP in Red Envelope Event

China’s central bank is scheduled to test its digital yuan dubbed the Digital Currency Electronic Payment (DCEP) in a second red packet lottery event in Suzhou on December 12.

Suzhou to launch digital yuan 'red envelope' trial for Double 12 event

Tied in with a national shopping event, the trial will add "offline" and "touch" functionality. The Chinese city of Suzhou will be the second to roll out a “red envelope” trial for the forthcoming digital yuan, according to a report in local media outlet The Paper. Following the successful pilot scheme run in the city of Shenzhen last month, insiders say that the Suzhou district of Xiangcheng will be launching the giveaway to coincide with the country’s Double 12 shopping event on Dec.

China to Hold Second Lottery Trial of the Digital Yuan

A lottery in Suzhou will additionally trial the offline feature of the digital yuan, per a Monday report.

Goldman Sachs Expects Digital Yuan to Reach 1B Users Within 10 Years

Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.

Digital Dollar, Euro and Yuan Will Be Rocket Fuel for Bitcoin, Predicts CNBC’s Brian Kelly

CNBC’s Brian Kelly says he believes central bank digital currencies will ultimately boost Bitcoin and the crypto markets.

Inflation games: Bitcoin competes with fiat on value but lacks volume

Amid global economic contraction, Bitcoin appears to be gaining momentum against struggling fiat currencies. Bitcoin being regarded as “sound money” is a common refrain among many proponents of the popular cryptocurrency.

Jack Ma Pays Price: 2.1 Trillion Yuan Ant IPO for 21 Minutes Speech

Analysis of what happened to Ant Group after Jack Ma's speech on financial regulation, and the secrets of the Ant Group business.

How Ant’s Suspended IPO Is Related to China’s Digital Yuan

Ant’s suspended IPO exposes potential financial risks posed by the fintech giant’s digital payment platform Alipay.

Beijing Municipal Government Conference Notes Plans to Pilot CBDC in China’s Capital

The discussion of China's digital yuan at a regional-level conference indicates the pilot is being included in state-level planning.

CBDC revolution is coming in 3 years, says Bitcoin naysayer Roubini

The word “cryptocurrency” is a misnomer because it isn’t a currency, according to Roubini. Nouriel Roubini, an award-winning economist and known skeptic of Bitcoin (BTC), is confident that central bank digital currencies, or CBDCs, are the future of money. According to Roubini, global CBDCs like the digital yuan are capable of replacing major financial services and cryptocurrencies in the near future.

China’s Digital Yuan Hits 4,000,000 Transaction Milestone as US Mulls Digital Dollar

People’s Bank of China (PBOC) governor Yi Gang says that the pilot test for the digital yuan has picked up pace since launching in April of this year, with transaction volumes doubling over the past month.

Slow and Steady Wins the CBDC Race: Why the US is not Concerned with China's Speed

Slow and steady wins the CBDC Race: there are several reasons why the United States' digital dollar development has an edge over China’s speedy approach to its digital yuan.

83 Tons of Fake Gold Bars Backing $3 Billion Loans in China: This Man Claims to Know the Truth

The gold industry was shaken when it was discovered that 83 tons of fake gold bars were used to back loans worth 20 billion yuan in China.

Digital yuan is ‘a long way’ from beating USD: strategist

David Roche, the President and global strategist at Independent Strategy, a research group that advises governments, and influential financial institutions believes that the Chinese yuan has “a long The post Digital yuan is ‘a long way’ from beating USD: strategist appeared first on AMBCrypto.

China’s digital yuan is ‘a long way’ from beating USD

It is unlikely to dethrone the United States dollar as the world’s reserve currency anytime soon, according to this financial firm executive. David Roche, president and global strategist at Independent Strategy, believes that China’s digital yuan has “a long way” before it will become able to challenge the US dollar as a reserve currency, CNDC reports Nov.

Price analysis 11/2: BTC, ETH, XRP, BCH, LINK, BNB, LTC, DOT, BSV, ADA

Bitcoin is facing selling at the $14,000 mark and this has resulted in several cryptocurrencies dropping below their support levels. China’s central bank governor Yi Gang has said that the nation’s digital yuan pilot projects have processed transactions worth over $299 million without any major problems.

China’s digital yuan used in 4 million transactions so far

Governor of central bank of China, Yi Gang, today revealed that in its CBDC pilot program, the digital yuan has been used in over four million transactions totaling to more than 2 billion yuan (about The post China’s digital yuan used in 4 million transactions so far appeared first on AMBCrypto.

3 CBDC Projects, Bitcoin Lightning Hits Pool, Verizon Taps Blockchain + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. CBDCs news The digital yuan has already surpassed the 4 million transaction mark, said its operators – despite the fact that the token remains in pilot testing mode.

Use of China’s Digital Yuan Nears $300 Million

More than 2 billion digital yuan has been spent in approximately 4 million separate transactions so far.

PBoC Governor Yi Gang Reports $300 Million in Digital Yuan Pilot Transactions

China’s digital yuan pilot testing in four of its cities has recorded a sum of nearly $300 million (two billion yuan) in transactions according to the People’s Bank of China's Head.

PBoC Governor Says ‘Successful’ Digital Yuan Trials Have Transacted $299M

The governor of the People's Bank of China praised recent tests of the digital yuan at the Hong Kong Fintech Week conference on Monday.

China’s digital yuan pilots have processed $300M so far, says PBoC head

China’s digital yuan pilot program is picking up speed. The governor of China’s central bank has given more details about the country's ongoing digital currency pilot.  Yi Gang, governor of the People’s Bank of China, said that the digital yuan pilots have processed over four million transactions to date, totaling more than 2 billion yuan ($299 million).

$1.1 Billion Crypto Ponzi: Masterminds of Wotoken Head to Prison in China

A Chinese court has confirmed the sentencing of the masterminds behind the 7.7 billion yuan Chinese Ponzi scheme Wotoken, which had over 715,000 investors.

Huawei’s Latest Smartphone Comes with a CBDC Wallet for Digital Yuan

Huawei Mate40 Pro. China’s biggest smartphone maker Huawei has revealed that its latest flagship handset, the Mate 40, will come with a built-in wallet for the digital yuan – the nation’s forthcoming central bank digital currency. In a post on the official Huawei Weibo account, the tech giant wrote, “The Mate 40 series is the first smartphone that will support

New Huawei Mate 40 Phone Includes Hardware Wallet For Digital Yuan

The Huawei Mate 40 smartphone comes with an in-built wallet for China’s digital currency.

Huawei’s Mate 40 Phone to Ship With Digital Yuan Wallet

The upcoming Mate 40 line of devices will feature a built-in hardware wallet for China's central bank digital currency.

New Huawei smartphone will feature a hardware wallet for digital yuan

The Mate40 series will reportedly enable dual offline transactions and allow users to control anonymity. Huawei has announced that its forthcoming Mate40 smartphone series will include an integrated hardware wallet for China’s central bank digital currency, the digital yuan. This will be the first smartphone to feature such a wallet, according to an official Huawei post on Chinese microblogging website Weibo on Oct.

Digital yuan will combat US 'dollarization' says former PBoC governor

“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP,” said Zhou Xiaochuan. China’s digital currency approach will favor its domestic retail system and prevent the dollarization of the economy according to one former senior official. Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People’s Bank of China (PBoC), told attendees at a Eurasia Forum conference on Oct.

World's Largest IPO to Raise $34.4 Billion, What is behind Ant Group?

Ant Group priced its dual listing on the Hong Kong Stock Exchange and Shanghai's Star Market at 80 Hong Kong dollars ($10.32) and 68.8 yuan ($10.26) per share respectively, (Read More)

China to be First Cashless Society with Digital Yuan Launch in 2022, SCMP Report

China is poised to become the world’s first cashless society should roll out its Digital Yuan DCEP before it hosts the 2022 Winter Olympics according to the SCMP (Read More)

How will dropping ETH-BTC spread affect Ethereum price?

With the latest updates, of Digital Yuan's testing and launch, and the US Presidential elections coming closer, retail traders’ attention is now on Bitcoin.

Digital yuan will work with WeChat and Alipay, says bank exec

Details regarding the digital yuan's characteristics are taking shape.

China's central bank lays regulatory foundation for CBDC

The new draft law legitimizes digital yuan and may criminalize the issuance of yuan-backed stablecoins by third parties China’s central bank, the People’s Bank of China (PBOC), published a draft law this Friday that aims to provide regulatory framework and legitimacy for a forthcoming central bank digital currency (CBDC), the digital yuan.  The draft law states that the yuan is the official currency of the People's Republic of China whether in physical or digital form. The draft law also appears to take aim at third-party efforts at yuan-backed digital currencies, stating that individuals and institutions are prohibited from making and issuing a currency designed to “replace” digital yuan circulation.

China Drafts Law to Legalize Digital Yuan, Outlawing Competitors

China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it.

The People's Bank of China Seeks To Prohibit The Creation of E-Yuan Competing Digital Tokens

The People’s Bank of China (PBOC) is calling for public opinion or feedback in line with its plans to revise its extant banking laws (Read More)

PBoC proposes revised banking law to legalize digital yuan CBDC

People's Bank of China (PBoC) published a notice today stating that the country’s central bank has provided various channels such as email, fax and letter to acquire public opinions, or feedback on The post PBoC proposes revised banking law to legalize digital yuan CBDC appeared first on AMBCrypto.

Proposed Chinese Law Outlaws All Yuan-Pegged Tokens – Except for Its CBDC

The new version will essentially also clear the way for the digital yuan to be the one and only official yuan-pegged token in mainland China.

Central bank digital currency could 'threaten' Bitcoin says CZ

Binance boss Changpeng Zhao aired his views on CBDCs adding that Bitcoin could be under threat if a more advanced currency was launched Changpeng Zhao, the enigmatic chief executive of Binance, believes a central bank digital currency that’s designed well enough could become a threat to Bitcoin.  In a video interview with Fortune senior writer Jeff Roberts, he was asked how the People’s Bank of China’s digital yuan initiative would affect the crypto industry.

Hong Kong to “Seize the Opportunities” of China’s Digital Yuan CBDC Development

The Hong Kong government is considering collaborating with the mainland Chinese authorities on the country’s central bank digital currency (CBDC) project.

Hong Kong ‘Exploring’ Collaboration With China on Digital Yuan: Finance Chief

A cross-boundary digital yuan could bring Hong Kong closer to China, Hui said.

OKEx Founder Troubles Not Linked to Yuan Money Laundering in China, Says Blockchain Journalist

Colin Wu, a Chinese blockchain journalist thinks it is unlikely Mingxing Xu, the founder of OKEx crypto exchange has anything to do with a Yuan money-laundering scheme.

Digital Ruble: Russia Unveils Plans to Test Central Bank Digital Currency

As China is actively testing its digital yuan, Russia is now planning to build and test a central bank digital currency, the digital ruble.

China’s $1.5 Million Digital Yuan Giveaway in Shenzhen Left Analysts Excited, Citizens Unimpressed

As part of China’s rollout of its central bank digital currency (CBDC), the government had a $1.5 million giveaway of digital yuan to its citizens in Shenzhen.

Price analysis 10/19: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

Bitcoin price may rise to a new 52-week high if it can break above the ascending channel and this move could ignite the altcoins. Crypto market sentiment appears to be improving across the board and the global push to mainstream central bank digital currencies is also making headway.  In China’s Shenzhen province about 2 million people had applied for the digital yuan giveaway and the lucky 50,000 among them received “red envelopes” of digital yuan totalling $1.5 million.

Digital Yuan Users: Some Came Back for More, Others Unimpressed

Source: Adobe/Сергей Шиманович A number of Chinese citizens who received digital yuan payouts worth USD 30 in a recent giveaway event have decided to top up their central bank digital currency (CBDC) wallets. As previously reported, the central People’s Bank of China (PBoC) distributed thousands of “red envelope” lucky draw handouts to citizens in the city of Shenzhen earlier

First Users Not So Impressed by China’s Digital Yuan: Report

A recent giveaway of China's in-testing central bank digital currency has reportedly left recipients wondering why they should swap from existing solutions like Alipay.

Users Unimpressed by China’s Digital Yuan Following a $1.5 Million Giveaway

The weekly trial of China's digital yuan ended with users primarily believing that it hasn't offered them anything different than other online payment apps like Alipay.

95% of winners in China’s CBDC lottery spent digital yuan prizes

Some winners purchased additional digital yuan during the pilot. The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan. As of Oct.

Digital Yuan Rolls Out for Use in Shenzhen Gas Stations

Citizens can make fuel and retail payments using a state-backed mobile application that operates without the use of the internet and does not charge transaction fees.

China’s Digital Yuan Blurs the Lines Between CBDCs and Crypto

An in-depth analysis of China's digital yuan project reveals more similarities to crypto than you might think.

Starbucks and McDonald’s reportedly not testing China’s digital yuan

Starbucks and McDonald’s are reportedly not part of the 3,000 merchants piloting China’s CBDC. American fast-food giants like Starbucks and McDonald’s are reportedly not participating in China’s ongoing digital yuan tests. According to an Oct.

Digital Yuan Recipient Says Chinese CBDC Is ‘Just Like Using Alipay’

Many of the recipients of the recent digital yuan giveaway have spoken out to news agencies and on social media as the first non-testbed users of the forthcoming central bank digital currency (CBDC) start spending their tokens – with some stating that using the token is “no different” from using conventional e-pay platforms. Per media outlets Xinmin Evening News (via NetEase)

Nearly 2 Million Sign Up for China’s Digital Yuan ‘Lottery’

Around 50,000 digital "red envelopes," reminiscent of the traditional gifts doled out in China for special occasions and each containing 200 digital yuan ($29.60), were handed out Monday.

China should accelerate its efforts to launch CBDC, PBoC urges

The deputy governor of the People’s Bank of China (PBOC), Chen Yulu, called for speeding up the process of launching China’s digital currency, the e-yuan, and to make CBDC part of an “independen The post China should accelerate its efforts to launch CBDC, PBoC urges appeared first on AMBCrypto.

China Should Accelerate Rollout of Digital Yuan, Says Central Bank Official

Chen Yulu, deputy governor of the People's Bank of China, said at the weekend that the digital yuan project should be accelerated as an important part of the nation's financial infrastructure.

Digital Yuan Trial Goes Live But Fears Over Dystopian Future Grow Louder

After years of rumors and leaks on Chinese social media, Shenzhen residents became the first in the country to trial the digital yuan.

China to Award DCEP Worth $1.5 Million to Shenzhen Residents to Test Digital Yuan

China’s central bank, the People's Bank of China (PBOC), has teamed up with Shenzhen city to distribute DCEP worth 10 million yuan, approximately $1.5 million to residents.

Bitcoin rallies, McAfee compares prison to Hilton, digital yuan airdrop: Hodler’s Digest, Oct. 5–11

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link! Coming every Sunday, Hodlers Digest tracks every important crypto news story from the previous week.

Shenzhen Giving Away Millions in Digital Yuan in Lottery to Boost Consumption, Test Tech: Report

The promotion is part of China's efforts to try out out and stimulate usage of its new digital currency.

Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency

A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend.

Senior Japanese official fears China being ‘first-mover’ in digital currency

China might gain control over global CBDC standards, a Japanese official warns. Japanese banking officials continue to voice concern over China’s progress in the development of its central bank digital currency. Kenji Okamura, vice-finance minister for Japan’s international affairs, warned the global community of the potential risks of China’s digital yuan, Reuters reported Oct.

China’s Central Bank, Major City to Hand Out $1.5M in Digital Yuan

A local report suggests the pilot is an indication that the digital yuan is close to being launched.

$1.5 million of China's CBDC Will be Distributed in Shenzhen

50,000 residents of Chinese tech hub Shenzhen are set to receive over $1.5 million worth of the upcoming digital yuan as part of public trials.

Shenzhen to hand out 10 million digital yuan in currency giveaway

China is promoting its central bank digital currency with a public $1.5 million giveaway. The major Chinese city of Shenzhen is launching a pilot program to promote the digital yuan with a public giveaway. In collaboration with the country's central bank, Shenzhen is planning to distribute a total of 10 million digital yuan ($1.5 million) — China’s central bank digital currency, local news agency Sina Finance reports Oct.

China’s Digital Currency Has Been Used in 3 Million Transactions Worth Over a Billion Yuan So Far

China’s central bank digital currency has been used in 3.13 million transactions worth about 1.1 billion yuan ($162 million) so far, the People’s Bank of China’s deputy governor has reportedly revealed.

Digital Yuan Testers Spent USD 52 On Average Per Transaction

This year, during a series of digital yuan pilot programs in China, testers reportedly spent CNY 351 (USD 52) on average per transaction, bringing the total value of pilot transactions to CNY 1.1bn (USD 162m).