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- 1,00,000 lucky lottery winners were given 200 RMB each
- Different e-Commerce platforms can be used for transactions
- Digital Yuan is on the second time test by the Central Bank of China
- 20 million RMB had been distributed
The Central Bank in China had started the second trail of digital Yuan in Suzhou to see the response of the people dealing in virtual currency. Suzhou is in eastern China. According to the reports, around 1,00,000 lucky lottery winners are given RMB 200 to see the response by the traders of this digital currency.
A total of 20 million RMB ($3million) have been distributed to test the Yuan digital currency in the crypto market. While talking to the reporters, the former Central Bank Governor cleared the air on the competition between the fiat currency and the digital currency or other cryptocurrencies. He informed the country is not challenging other currencies with its digital money.
The users transacting in digital Yuan can use different e-commerce platforms, e-commerce site JD.com, ride-hailing platform Didi, video streaming site Bilibili, and services app Meituan. The users can create a wallet, which can further be connected to the five different bank cards. These bank cards could be used on the platforms mentioned above. Not only this, but there is also an option of paying the Pay Party membership fee through the wallet.
Lottery money can be used by the winners till December 27. JD.com has started the shopping promotion through its platform named Double 12. Users can use digital Yuan for any transactions. The platform had processed 20,000 orders.
People’s Bank of China former Governor Zhou Xiaochuan believed that the Digital Yuan is not giving any competition to fiat currency and is nowhere replacing it in near future too used in global trade. However, the digital currency is good in doing cross-border transaction due to its no time boundation. International trade could be done in real-time through digital currency.
On one hand, China is trying to establish its digital Yuan, on the other hand, blockchain adoption is taking a rapid step in the country. Two local governments have adopted blockchain. Xiaong’an launched a city-level blockchain operating system. According to a local newspaper Xiaong’an People’s Daily, the system is a multi-layer chain that deals in the base architecture and applications built on it.
Shenzhen also started blockchain in finance. The standards were made by the Shenzhen Stock Exchange and Tencent’s WeBank. The blockchain focuses on anti-money laundering, identity authentication, permission management, anti-fraud and regulatory audits.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
