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Digital Yuan gets a push from Chinese Govt

The People’s Bank of China (PBoC), Beijing Local Financial Supervision and Administration Bureau have announced a digital yuan test for residents. Previously, CBDC had dispersed 10 million Yuan to residents in red envelopes for testing, according to a report by Bitcoin.com.

Now, Beijing is planning to disperse 40 million digital yuan ($6.3 million) worth of CBDC to citizens in 200,000 digital red envelopes. Each envelope will have 200 digital yuan. Residents can spend the digital yuan at supported merchants like the popular domestic marketplace Jd.com.

In order to receive the red envelopes, one must enter the lottery system via the Bank of China or Commercial Bank of China’s mobile applications.

Many firms like Tencent, Alibaba, Ant, Mastercard, and Jd.com are testing the country-backed digital currency on their systems. Despite all of this, a recent report suggests that people aren’t buying into this new concept citing privacy concerns.

China’s digital yuan will feature a smart card that’ll be backed by biometrics and fingerprint recognition. The PBoC is planning to disperse the digital currency at 2022 Winter Olympics.

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