What interesting experiments in China! Another major city in the country decided to distribute millions to test the mechanisms of the digital yuan circulation. Suzhou has joined the pilot project and aims to double the recent experiment in Shenzhen. The Suzhou authorities intend to divide 20 million yuan ($ 3 million) among the participants in the experiment – 200 yuan each among the lucky 100 thousand.
Acceptance of applications for receiving gift money began today and will last a day. The result of the drawing will be announced on December 11, after which citizens will be able to spend the money received in the shops and establishments participating in the experiment. The experience of Shenzhen showed that 2 million applications were submitted for 50 thousand places in the program. Chinese citizens were enthusiastic about both the digital yuan and the freebies offered.
To register in the program, you need to download the application and enter your personal data. Paying for goods and services with digital yuan promises to be as simple and reliable as passing paper banknotes and coins from hand to hand. The service works even if there is no connection as long as there is a charge in the smartphone battery.
Regular payments using electronic funds require transactions and currencies (deposits) of commercial banks (including the National Bank of China) in order to operate the funds. The digital yuan is free of this. He is already money in itself – a means of payment. The digital yuan is expected to begin mass circulation with the 2022 Beijing Winter Olympics.
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