{"id":280556,"date":"2021-01-04T08:35:35","date_gmt":"2021-01-04T13:35:35","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=280556"},"modified":"2021-01-04T08:35:35","modified_gmt":"2021-01-04T13:35:35","slug":"china-renews-cbdc-testing-3-million-digital-yuan-giveaway-in-shenzhen","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/china-renews-cbdc-testing-3-million-digital-yuan-giveaway-in-shenzhen","title":{"rendered":"China Renews CBDC Testing: $3 Million Digital Yuan Giveaway In Shenzhen"},"content":{"rendered":"

Shenzhen, a major Chinese city, is gearing towards another giveaway of 20 million in digital yuan, worth around $3 million at the time of writing. This stands as part of China\u2019s real-life testing of its central bank digital currency (CBDC<\/a>), going by the name of Digital Currency, Electronic Payment (DC\/EP).<\/p>\n

Another Digital Yuan Lottery Launched<\/h2>\n

The announcement<\/a> of this new giveaway was made by Shenzhen\u2019s government on New Year\u2019s Eve, with 100,000 red packets available to be won. These red packets will, like the previous giveaways, be given out through a lottery to local residents. Each red packet will be worth 200 digital yuan, which is around $30 at today\u2019s prices.<\/p>\n

The winners of this lottery will only have a limited time to spend said digital yuan, as the announcement stipulates. Lottery winners will have between the 7th and 17th of January to make their purchases with these red packets, but will be allowed to shop at over 10,000 enterprises within Shenzhen, including restaurants, shops, and supermarkets.<\/p>\n

\"digital<\/a><\/p>\n

A Bit Of History Over China\u2019s DC\/EP<\/h2>\n

Shenzhen was the location of China\u2019s first city-wide testing of the digital yuan, doing so through the first lottery giveaway of its kind. That lottery was allocated to 50,000 winners, who would receive a collective $1.5 million in digital yuan. Back then, only 3,000 local stores were made available for the use of the lottery.<\/p>\n

Back in December, Suzhou<\/a>, another prominent Chinese city, saw itself double down on China\u2019s efforts with the digital yuan. Suzhou\u2019s efforts, in particular, had multiple aspects be far more extensive in scale than Shenzhen\u2019s first testing round.<\/p>\n

This testing in Suzhou ended on the 27th of December, 2020. According to a WeChat Post<\/a>, Suzhou\u2019s government reported a total lottery winner count of 96,614 who had collected their digital yuan. The group had spent almost the entirety of the $3 million in free money, as well.<\/p>\n

Some Kinks In The System<\/h2>\n

As that post had stipulated, the digital yuan consumption showed that 55% of it was spent by way of offline stores. The rest were done through JD.com, a Chinese e-commerce platform. 536 people took part in testing the offline touch-to-pay feature in this previous testing round, as well<\/p>\n

The latest round of testing being done in Shenzhen won\u2019t hold some of the features that was boasted within the Suzhou testing, however. Key examples of this was offline touch-to-pay functionalities and online payment options. Beijing Business Today, a media outlet, gave out a report<\/a> about the matter explaining as to why this was happening.<\/p>\n

According to the report, loopholes and technical bugs were discovered within the offline touch-to-pay function when it was enacted at the Suzhou test. As a result, the latest Shenzhen test won\u2019t have this technology adopted, at least until all the kinks are worked out.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shenzhen, a major Chinese city, is gearing towards another giveaway of 20 million in digital yuan, worth around $3 million at the time of writing. […]<\/a><\/div>","protected":false},"author":1717,"featured_media":269666,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[8824,7598,7599,7893],"acf":[],"yoast_head":"\nChina Renews CBDC Testing: $3 Million Digital Yuan Giveaway In Shenzhen<\/title>\n<meta name=\"description\" content=\"The latest round of testing being done in Shenzhen won\u2019t hold some of the features that was boasted within the Suzhou testing\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/280556\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Renews CBDC Testing: $3 Million 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