CBDC Testing Continues Among the Citizens of China

The Chinese city of Shenzhen is giving away another 20 million yuan ($3 million) as part of the ongoing CBDC digital currency testing, which the Shenzhen government announced on New Year's Eve.

The lottery will award 100,000 so-called “red packets” to local residents, each equal to 200 digital yuan or $30. Lottery winners will be able to spend digital yuan from January 7 to 17 at more than 10,000 shops, restaurants and supermarkets in Shenzhen.

Earlier in October 2020, Shenzhen conducted the first city-wide digital yuan test with a $1.5 million lottery for 50,000 residents. It is also known that in December, the city of Suzhou conducted similar testing of the Chinese digital yuan, which was of a larger scale in many aspects. According to the Beijing Business Today report on January 3, the test in Suzhou found a number of technical errors for the offline touch-to-pay function, so the new test in Shenzhen does not use this technology yet.

Image by TechCrunch