China plans to hand out $1 5 million in a digital currency test during Description video: BEIJING — China’s capital city will hand out about $1.5 million in a limited trial of the central bank’s digital currency, the municipal government […]
China plans to hand out $1 5 million in a digital currency test during
BEIJING — China’s capital city will hand out about $1.5 million in a limited trial of the central bank’s digital currency, the municipal government announced over the weekend. That marks the third major test of the digital currency under development by the People’s Bank of China. The cities of Shenzhen and Suzhou held similar experiments in the last few months. In this trial, Beijing said it will select 50,000 from a pool of applicants to receive 200 yuan, or about $30 each, in the digital currency. Recipients can spend the money at designated offline locations or on parts of e-commerce site JD.com during the upcoming Lunar New Year holiday. The vouchers are valid from Feb. 10 to Feb. 17. The digital currency test is only open to those with a Chinese ID number, or residence permits from Hong Kong, Macao or Taiwan. The People’s Bank of China has been developing a digital currency that is expected to work in a similar way to transactions through existing payment apps. Mobile pay, primarily through the Alibaba-affiliated Alipay app and Tencent’s Wechat Pay, has replaced cash in the last several years as the predominant form of consumer payment in China. Unlike well-known digital currencies like bitcoin, the one under development by China’s central bank is controlled by a single power, rather than a decentralized system managed by users around the world.\n\n\nAll data is taken from the source: http://cnbc.com\nArticle Link: https://www.cnbc.com/2021/02/08/china-to-hand-out-1point5-million-in-lunar-new-year-digital-currency-test.html\n\n\n#digital #technews #newstodaymsnbc #newstodayinusa #newstodayfox #newstodaycnn #
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..