Business

Chengdu, China’s city launches $ 6 million digital currency test

People pass the headquarters of the People’s Bank of China (PBOC), the central bank in Beijing, China, on September 28, 2018.

Jason Lee | Reuters

Beijing — a city in southwestern China Chengdu announced On Tuesday, about $ 6 million will be distributed in the latest test of the central bank’s digital currency.

The scale of the trial One in Beijing earlier this month, It was intended to distribute approximately $ 1.5 million to 50,000 applicants.Other cities like Shenzhen And Suzhou held its own test of the People’s Bank of China’s digital currency In the last few months.

According to Chengdu, locals can participate in the lottery on Wednesday and Thursday with one of about 200,000 vouchers. Each of them is worth about $ 27 to $ 37, making a total distribution of RMB 40.2 million ($ 6.2 million) in digital currency.

Like the Beijing handouts, the Chengdu trial is tied to Chinese New Year, with local retailers and JD.com E-commerce app. According to the announcement, lottery winners will be able to use their vouchers from March 3rd to 19th.

In the last few years, mobile payments have Replaced cash as the primary way consumers buy In China.

Alibaba-With affiliated Alipay app Tencent Wechat Pay is the two main apps for doing so in China.

The People’s Bank of China is developing a digital currency that is expected to work like a payment app.Unlike well-known digital currencies like BitcoinThe version of the central bank operated by the decentralized system is controlled by a single power source.

Chengdu, China’s city launches $ 6 million digital currency test

Source link Chengdu, China’s city launches $ 6 million digital currency test

Back to top button