10,000 Stores Will Test The Digital Yuan

Twenty mln yuan ($3 mln) in digital currency from China's central bank will be distributed to a randomly selected 100,000 people in the largest digital yuan test in the country to date. Digital currency will be accepted in 10,000 stores including JD.com.

About 10,000 stores will participate in the digital yuan test in Suzhou. JD.com, China's largest online store, announced on Saturday that it has become the country's first online platform to accept digital currency backed by the People's Bank of China.

On December 11, a total of 100,000 digital red packets, each 200 yuan, will be handed out to residents ahead of the shopping festival. The digital yuan will be valid until December 27. It can be used to pay for goods in stores without the need for an Internet connection, effectively replacing banknotes and coins.

Image: Bigasia