China's Digital Currency Trial Returns to Shenzhen

Posted December 10, 2021 by yuanpaygroup

Yuan Pay Group is a cryptocurrency exchange platform to buy digital yuan.
China, 10 December 2021: China's technological hub, Shenzhen will begin its next trial of the digital currency of the nation this week, giving away digital gift packets to its people as the nation steps up its testing efforts in a bid to launch the first independent virtual currency of the world. According to the Shenzhen government, it will give away twenty million yuan to residents of Shenzhen's Futian district through a lottery, and through "red packets", gift covers usually given out during special occasions and holidays.

A lot of digital red packets, each including nearly two hundred yuan, will be distributed to citizens in the upcoming days - doubling the number of receivers in the first trial of the city. The receivers will have to install the authorized digital yuan app to their smartphones to make use of the digital Yuan virtual currency. And they have to spend it in particular stores in the Futian district of the city and on some local e-commerce platforms.

Known officially as the Digital Currency Electronic Payment (DCEP), China wants the e-yuan in order to assist break the dominance of the US dollar in the global financial system and to give assistance to local financial authorities to preserve greater control over fund flows. Unlike bitcoin and other cryptocurrencies, which are purchased by their traders, or stable coins such as Facebook's Diem, which are connected to the value of the main currency. The DCEP is an independent currency issued and backed by the central bank of China and designed as a virtual version of the yuan.

China became the foremost country to start looking into making a digital yuan in 2016, and several Groups of twenty countries have since said they are either exploring, testing, or developing virtual currencies. Non-G20 nations such as Switzerland, Norway, Cambodia, and Sweden have also established they are seeing digital currencies.

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Last Updated December 10, 2021