Banking News

Shenzhen launches 3rd mass digital yuan trial targeting business

digital yuan central bank digital currency yuan renminbi

Shenzhen has announced its third digital yuan giveaway (fourth in China) after results of the second Shenzhen eCNY trial in the Futian district were announced earlier this week. This time, the central bank digital currency (CBDC) lottery is targeting businesses in the Longhua district, as opposed to individuals, reports Beijing Daily. Like the previous trial, there will be 100,000 giveaways of 200 yuan ($31).

To qualify for the lottery, the business has to have a registered address within the Longhua district and must pay social security within the Longhua district for the Spring Festival. The festival is around the Chinese New Year on February 12. Lottery applications open today.

In addition to the three trials in Shenzhen, there was also a 100,000 giveaway in Suzhou City in December. Given the timing, there have been almost continuous mass digital RMB tests since mid-December.

In other news, a broader range of e-commerce payments is being supported, according to news site Sina. The big state-owned banks produce the eCNY digital wallet apps, and the services supported vary between banks. Previously the digital yuan wallet was tested for hiring Meituan Bicycles and Qingju Bicycles. More recently, car-sharing app Didi Chuxing is supported by some of the banks. Other services include e-commerce site JD.com, its group-buying app Jingxi, and video sharing service Bilibili. 

Alipay has also started to test the digital yuan as part of its app, but only for staff.

Meanwhile, recent technical advancements in digital yuan trials have included a debit card with a digital status readout, watches and bangles, and the roll-out of ATM support.