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KEY STAT | China accelerates digital currency trials before national holiday

Written by Julianna Wu Published on     1 min read

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Multiple cities have already conducted or are on the way to test digital yuan locally.

China is to expand the scenarios for its digital currency this year, with second-tier cities Chengdu and Suzhou leading the third wave of trials dispatching digital yuan worth USD 14 million in the final days of January, according to various local reports.

Through a digital red packet lottery, major southeastern city Chengdu will be distributing the equivalent of RMB 50 million (USD 7.72 million) to local residents, with RMB 30 million of it to be given out via e-commerce site JD.com, the first and only online shop that accepts digital yuan as payment.

Suzhou, a city near Shanghai that was part of the second wave trials back in December, will be joining again by issuing some RMB 40 million (USD 6.18 million) of the electronic currency in pre-holiday sales promotions, Sina reported.

Cities in China have responded positively to the call by the central bank to deploy the test money. The southern city of Shenzhen has given out a total of RMB 30 million (USD 4.63 million) of digital yuan in two previous trials. Beijing and Shanghai have signaled their intention to follow suit, according to Xinhua News.

Previously, each red packet contained RMB 200 (USD 30) digital yuan to be used for specific occasions during a limited amount of time.

Read this: China’s digital yuan is tested for online shopping, as JD.com joins trial in Suzhou

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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