Banking News

Mass digital yuan trial launches in Beijing

digital yuan renminbi yen

Over the weekend, it was confirmed that Beijing is the third city to host a mass digital yuan lottery and trial. It will provide 200 yuan ($31) to 50,000 people for a total of RMB 10 million ($1.55 million). The central bank digital currency (CBDC) trial is intended to coincide with the one year count down to next year’s Winter Olympics hosted in the city.

Applications are already open, and the money can be spent from February 10-17. Physical merchants support the eCNY in the Wangfujing district and it can be used on the ecommerce app JD.com which has a special “Digital Wangfujing Ice and Snow Shopping Festival”. 

The aim is to use the digital RMB for the Winter Olympics food, housing, travel, shopping, and entertainment.

On Friday, it was also confirmed that Suzhou City would host the second Suzhou eCNY trial of 30 million yuan for 150,000 people. 

There was also rumored to be another trial in Chengdu, which has not yet been confirmed. The main reason for the flurry of trials is Chinese New Year is celebrated on February 12.

LocationDatePeopleAmount
Shenzhen – Luohu districtOctober 202050,000RMB 10m
Suzhou – Xiangcheng DistrictDecember 2020100,000RMB 20m
Shenzhen – Futian districtDecember 2020100,000RMB 20m
Shenzen – Longhua districtJanuary 2021100,000RMB 20m
Suzhou CityFebruary 2021150,000RMB 30m
Beijing – Dongcheng districtFebruary 202150,000RMB 10m
ChengduFebruary 2021?250,000?RMB 50m?

Not counting the unconfirmed Chengdu trial, the total number of people who to participate in the tests will be 550,000 in giveaways totally RMB 110 million or $1.7 million.