China is about to issue 10 million digital yuan

China is about to issue 10 million digital yuan
China is about to issue 10 million digital yuan
China – The Chinese central bank has decided to issue digital currencies worth 10 million yuan to 500 users, who will be chosen at random, in a move that some consider the country’s first public test of a digital payment system in yuan.

The People’s Bank of China campaign comes at a time when central banks around the world are racing to issue their digital currencies to modernize payment systems and ward off potential competition from private cryptocurrencies.

As of Friday, anyone in Shenzhen, southern China, can apply to join the program through the country’s top four banks, but only some will win 200 yuan through a lottery according to the local government and banks.

The winners can use the digital currency at 3,389 retail outlets, including Sinopec’s petrol stations, Walmart stores and CR Vanguard malls.

Source: “Reuters”

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