People Of China Conduct 20,000 Transactions Via
People Of China Conduct 20,000 Transactions Via
December 15, 2020
People Of China Conduct 20,000 Transactions Via
People Of China Conduct 20,000 Transactions Via
December 15, 2020

Report said that people of China have conducted around 20,000 transactions through e-commerce company in a trial of the country’s digital yuan.

It has been reported by that 80% of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency starting on Friday evening, with at least one transaction larger than $1,527.

However, the e-commerce site also reported the numbers as the city of Suzhou conducted a real-world trial for digital yuan at the “Double Twelve” shopping festival, in which 10,000 physical storefront locations participated.

The report said that the trial in Suzhou is one of many that may be conducted across China to test use-cases for the central bank digital currency, as the city’s municipal government gave away around 100,000 “red envelopes,” a traditional method of presenting gifts in China, containing $3 million in digital yuan in a lottery for residents.

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In October, the city of Shenzhen launched a similar pilot program to promote the digital currency with a public giveaway of $1.5 million to 50,000 lottery winners.

Cao Yin, the Managing Director of the Digital Renaissance Foundation in Shanghai, said:

“In 2021, China will continue to look for more scenarios to test the digital yuan, but an extensive launch is still unlikely.”

He added that the Chinese government would likely continue controlled trials until officials are certain the digital currency can be safely issued.

Thus, he concluded:

“We have only ourselves to compete with on this matter, and there’s no need to rush it.”

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.