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As part of testing the digital yuan, the Chinese will be given a $ 1.5 million cryptocurrency

Summary

Digital Yuan Explained: What It Will Mean To You? Description video: Tourists or business visitors to China may have struggled with WeChat or Alipay since both payment platforms require a China-registered credit card or bank account. With digital yuan, visitors […]

Digital Yuan Explained: What It Will Mean To You?

Description video:
Tourists or business visitors to China may have struggled with WeChat or Alipay since both payment platforms require a China-registered credit card or bank account. With digital yuan, visitors – such as to the Winter Olympics 2022 – would find it much easier to use Renminbi.\n\nChina is turning its money digital. This is the first state-owned digital currency, the polar opposite of bitcoin which is decentralised and anonymised. Digital yuan is stored in one’s phone on a digital wallet app and does not even need reception to make transactions. \n\nThe digitised format makes it theoretically possible for authorities to track every single transaction. \n\nWATCH the full episode of Why Is The Yuan Going Digital?: https://youtu.be/UcvrzouhKTs \n\nAbout Money Mind: Tips for investors, business ideas for businessmen and comments on the economy, markets, companies, financial products, and trends.\n\n\nFor more, SUBSCRIBE to CNA INSIDER! \nhttps://cna.asia/insideryoutubesub\n\nFollow CNA INSIDER on:\nInstagram: https://www.instagram.com/cnainsider/\nFacebook: https://www.facebook.com/cnainsider/\nWebsite: https://cna.asia/cnainsider

As part of testing the digital yuan, the Chinese will be given a $ 1.5 million cryptocurrency

During the Chinese Lunar New Year, the Chinese government plans to distribute $ 1.5 million during the next stage of testing its own digital currency.

Over the weekend, the Beijing authorities announced that the Chinese capital will provide about $ 1.5 million as part of a trial launch of the central bank’s digital currency..

This is the third major test of the digital currency being developed by the People’s Bank of China. In the past few months, similar experiments have been carried out in the cities of Shenzhen and Suzhou..

During the testing, 50,000 Beijing residents will be selected from among the applicants, each of whom will receive 200 yuan in digital currency, or about $ 30. Recipients can spend money at designated offline stores or on sections of e-commerce giant JD.com’s site during the upcoming Lunar New Years.

Vouchers will be valid from 10 to 17 February. The digital currency test is only open to those with a Chinese identification number or residence permit in Hong Kong, Macau or Taiwan.

The People’s Bank of China is developing a digital currency that is expected to work similarly to transactions through existing payment applications. Mobile payment, primarily through Alibaba-affiliated Alipay and Tencent’s Wechat Pay, have replaced cash as the predominant form of consumer payments in China over the past few years..

Unlike well-known digital currencies such as Bitcoin, the currency developed by the central bank of China is controlled by a central authority and is not a decentralized system governed by users around the world..

As part of testing the digital yuan, the Chinese will be given a $ 1.5 million cryptocurrency