China to Distribute Digital Yuans in City of Shenzhen
Main page News, China

The Chinese city of Shenzhen has just announced it plans to conduct another test of the digital yuan (e-CNY), a local media outlet has reported.

According to the publication, a series of "red envelopes" totaling 30 million yuan (about $4.5 million) will be distributed through a lottery.

As part of the tests, the Shenzhen Municipal Commercial Bureau has teamed up with several financial institutions, including the Bank of China, the Agricultural Bank and the ICBC.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The first mass test of the digital yuan in Shenzhen was conducted back in October 2020. During the second experiment, local residents conducted almost 140,000 transactions valued at $2.8 million.

The third phase of the tests began in January last year.

An experiment has also been conducted with the distribution of 100,000 "red envelopes" in the city of Suzhou. Beijing and Shanghai have announced they intend to support the testing of the digital version of the national currency.

Read also:
Please describe the error