Shenzhen Giving Away 20M Digital Yuan in Third CBDC Test
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Shenzhen Giving Away 20M Digital Yuan in Third CBDC Test

January 4, 2021      Vandana Malik

China is currently undergoing a country-wide CBDC test as it is preparing for the launch of the Digital Yuan. Recently, Shenzhen, a Chinese city, has announced that it will be giving away 20 million Digital Yuan which is worth $3 million as a part of the ongoing CBDC test. 

The Shenzhen government has announced that they will conduct a lottery program for the residents. In this lottery, they will give away 100,000 red packets to the residents and each packet will have 200 Digital Yuan, worth $30. All the lottery winners will have a period of 10 days to spend the Digital Yuan i.e. between January 07 to January 17. They can spend this across 10,000 shops, restaurants, and supermarkets across the city.

Shenzhen Conducted China’s First Digital Yuan Test in October

This is not the first Digital Yuan test that Shenzhen has conducted as in October 2020, the city has conducted China’s first Digital Yuan test. Shenzhen’s first Digital Yuan test was also through a lottery giveaway in which 50,000 residents have received Digital Yuan worth $1.5 million. 

The second Digital Yuan test was conducted by the city of Suzhou which was on a very large scale. This test ended on December 27 and there were 96,614 lottery winners worth $3 million Digital Yuan. 

Third Test Will Only Have Offline Payment Option

In the Suzhou test, 55% of the total Digital Yuan consumption was from offline stores and the rest was from an e-commerce platform. 536 people have tried the offline touch-to-pay feature for the same however, there were several technical issues with this system. Considering this, the Shenzhen test will only have an offline payment option for the lottery winners. The online payment and offline touch-to-pay function will not be supported in this third Digital Yuan test of the country.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.