The authorities of the Chinese city of Suzhou will hold a new “lottery” for the distribution of digital yuan.
In December, Suzhou will host China’s second “free lottery” to distribute the digital renminbi as part of ongoing testing and preparations for the release of state cryptocurrency.
According to a publication in The Paper, on December 1 2 in Suzhou, the Double 12 shopping festival will host a free distribution of digital yuan. The goal of the second “free lottery” is to help citizens assess the convenience of the state cryptocurrency preparing for launch.
distribution of digital yuan
Testing will be similar to the pilot program to distribution of digital yuan , implemented in Shenzhen in October. Then the city held a “free lottery” for 10 million digital yuan. The size of each “gift” was 200 digital yuan, which could be spent from October 1 2 to 1 8 in any of the 3,389 stores in the Luohu area. The Shenzhen authorities later stated that 88% of free digital yuan was spent on goods and services.
According to the publication, testing of the digital yuan in Suzhou will include additional aspects of technology that have not been tested in Shenzhen, including the autonomous function of the digital yuan, which allows for one-touch translations when interacting with smart devices.
The Paper reports that many enterprises in the Xiangcheng area of Suzhou have already installed terminals with NFC technology and support for QR codes to make payments so that citizens can pay for services and goods with digital yuan. According to the publication, in another city – Chengdu, is undergoing closed beta testing of the digital yuan. Test participants can use a digital wallet for transactions through an unnamed “large bank.”
Recall that the People’s Bank of China (NBK) plans to organize an official testing zone for state cryptocurrency in the capital of China as part of an experiment to create a free trade zone in Beijing.