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Chinese City Unfold a Digital Yuan Test in Progress



Chinese City Unfold a Digital Yuan Test in Progress

According to reports, Suzhou, a Chinese city, will begin a more comprehensive “red envelope” test of the Chinese central bank’s digital currency next month.

The online media “Newspaper” of the state-run Shanghai United Media Group said in a report on Monday that the trial will take place on December 12th, which is called Double 12 in China and is a year-end shopping festival.

According to reports, some government employees received transportation charges in digital yuan (also known as DC / EP) in April as part of an ongoing experiment in Suzhou.

Another Chinese City, Shenzhen issued Digital Yuan Earlier to Residence

According to “The Paper,” the broader process in Suzhou will be similar to the process in Shenzhen in October when 50,000 residents were issued approximately $ 1.5 million digital renminbi in the form of “red envelopes” over lottery tickets.

Residents who win the lottery can spend free digital dollars at any of the 3,000+ stores participating in the Shenzhen study.

The report states that the new feature of the Suzhou study is to enable an additional offline payment functionality for the DC / EP wallet, which allows transactions to be initiated by simply using two payment devices (e.g. smartphones) be touched, even in an offline environment, by the near field. Communication technology.

At the same time, Chengdu in China appears to be running a more extensive test of DC / EP wallets.

For example, the Industrial and Commercial Bank of China (ICBC), one of the four largest state-owned commercial banks in China, advertised the “Internal Test Wallet” feature in their mobile app for at least public users in Chengdu, and the block was found.

However, the customer service rep told The Block that at this point only the users on the whitelist can activate the DC / EP wallet.

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