Chinese City of Shenzhen Distributes $3M in Digital Yuan for New Currency Test
Main page News, China

The Chinese authorities are carrying out a new test of the digital yuan, the national digital currency of the Asian giant.

Specifically, 3 million dollars in digital yuan, equivalent to 20 million units of the currency, are being distributed among residents in the Chinese city of Shenzhen with the aim of continuing to test the uses of the currency in real life.

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For this purpose, the city government announced on New Year's Eve it would give away 100,000 red packets through a lottery to local residents. Each packet is worth 200 digital yuan or $30.

The winners will have 10 days, from January 7 to 17, to spend their gift at the more than 10,000 participating stores in the city, including restaurants and supermarkets.

The first test of China's national digital currency was conducted in this same city in October last year, when the authorities distributed $1.5M in digital yuan. However, at that time the participating stores only amounted to 3,000, while now there are more than 10,000.

Shortly thereafter, in December last year, China carried out the second test of its digital currency, but in this case the authorities chose the city of Suzhou.

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