Participants in digital yuan test programme have made 140,000 purchases

The People’s Bank of China’s new digital currency test was held in Shenzhen, with citizens conducting transactions worth about $3 million.

Shenzhen authorities announced the results of a new digital yuan test. Its participants made almost 140 thousand purchases for a total of $3 million. The digital money was distributed through a lottery. Out of 100 thousand tickets for 200 yuan each, 95.6 thousand were activated. Some users topped up their balances by depositing about $231 thousand in dollar equivalent.

Lottery winners had to spend the proceeds from January 7 to 17. But they can continue to use their digital wallets to pay at all participating retail outlets, authorities said. Electronic balances can be topped up through bank accounts.

In December 2020, it was announced that China’s second-largest online retailer Inc. would support digital yuan. Also late last year, there was a test of offline use of the digital yuan. Users simply had to hold two devices with cryptocurrency wallets in front of each other.

China plans to use the national digital currency in Beijing during the Winter Olympics, which will be held in 2022. Trials are taking place in Shenzhen, Suzhou, Chengdu and the new Xiong’an state-level district in Hebei province.

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