China digital yuan: $3M will be given away to Suzhou residents to test the coin

The Chinese City of Suzhou, one of the cities that will be testing the digital yuan also dubbed digital currency electronic payment -DCEP, will receive almost $3 million in form of lottery to test the coin. The lottery will be in red packets containing $30 each, the initiative will run until December 6 exclusively open to Suzhou residents.

In order to participate in the event, the citizens of Suzhou need to register and activate their digital wallet with the governamental Banks that are involved with the initiative which are:

  • Agricultural Bank of China,

  • the Industrial and Commercial Bank of China (ICBC),

  • China Construction Bank,

  • Bank of China,

  • Bank of Communications, and the Postal Savings Bank of China.

All this banks mentioned above are the partners from the Chinese government and will help in the pilot phase to test the digital yuan which also gives them the necessary instruments to link with the stores that helps the residents in Suzhou to spend the earned giveaway in more than 3,000 shops that accept the digital yuan.

There will be allocated 100,000 red packets to the event and each resident of Suzhou who wish to participate will need to fill up all the required steps in order to claim the giveaway, on December 11, 2020 after received all applicants the results will be announced and the red packets distributed. The 200 yuan, $30, could be spent on selected stores (3,000 accredited shops) also online on the e-commerce giant accordingly to the announce made on Friday by the local Chinese authorities.

The Chinese authorities have been conducting several trials on their digital currency, in Shenzhen the pilot phase was completed with success with the allocated $1.5 million in red packets giveaway being by local residents who could test it on dedicated shops the efficiency of the coin. Four cities have been elected to test the digital yuan before it goes officially to the market: Shenzhen, Suzhou, Chengdu and Xiong'An.

The special zone of Hong- Kong have been saying that will have a special treatment to test the digital yuan in cross -border payments, the digital yuan will substitute the paper money and it will be released before the Olympic games on 2022. The government want to release the digital currency and make the whole world to see their accomplishment and adoption of Blockchain in the China mainland, players could use it to swap anything and with that avoid to carry physical money with them, all of that in the speed of the blockchain technology linked to a mobile device.

Since it's "call" to adoption on the Blockchain technology by the Chinese president in 2019, the country invested a lot more to make the Central bank digital currency to be a reality in short term but due to COVID-19 issues it was shortly delayed but with all initiative surrounding the pandemic season increased a lot more the desire to make it a reality. Covid-19 urged to find better solutions to use money and digital payments are the best option to reduce the contagious.

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