SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : Fintech

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Glenn Petersen who wrote (140)10/12/2020 6:50:21 AM
From: Glenn Petersen  Read Replies (1) of 176
 
China hands out $1.5 million of its digital currency in one of the country’s biggest public tests


PUBLISHED MON, OCT 12 20202:52 AM EDT
Arjun Kharpal
CNBC.com

KEY POINTS

-- Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency.

-- The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen.

-- The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank.

GUANGZHOU, China — China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future.

Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency. Nearly 2 million people applied and 50,000 people actually won.

The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen. The south China technology hub is home to some of the country’s biggest tech giants including Huawei and Tencent.

Local supermarkets and pharmacies are among the participating merchants as well as Walmart, according to a post by the Shenzhen government messaging app WeChat.

China has been pushing toward a cashless society.

The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank. It is not looking to replace digital wallets like Alipay or WeChat Pay. It will likely work together with them and other banks.

In comparison, Bitcoin is decentralized, which means it’s not owned and controlled by one entity, and it is not distributed by a central bank.

China’s digital yuan has been in the works for the past few years and there have been just a handful of small trials across the country. The Shenzhen pilot appears to be the biggest so far.

Central banks around the world are exploring the idea of issuing digital currencies. Last week, the Bank for International Settlements and seven central banks published a framework for central bank digital currencies, or CBDCs.

https://www.cnbc.com/2020/10/12/china-digital-currency-trial-over-1-million-handed-out-in-lottery.html
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext