China will distribute about $ 1.5 million to test the national cryptocurrency

The authorities of Beijing, the capital of China, will hand out about $ 1.5 million as part of a limited test of the national digital currency. This was announced by the city government this weekend. This is the third major test of the cryptocurrency being developed by the People’s Bank of China. In the past few months, similar testing has been carried out in the cities of Shenzhen and Suzhou.

The Beijing authorities said they would elect 50,000 residents of the city who would receive 200 yuan, which is roughly $ 30, in digital currency. The lucky ones will be able to spend this money in certain retail stores or in some sections of the marketplace. during the Chinese New Year. Vouchers will be valid from 10 to 17 February. They can only be obtained by those who have a Chinese identification number or residents of Hong Kong, Macau or Taiwan with a residence permit in China.

Recall that the People’s Bank of China has been developing a digital currency for some time, which is expected to offer an alternative to Alipay and WeChat Pay transactions, which have gained unprecedented popularity in the country in recent years. The main difference between Chinese electronic money and cryptocurrencies such as bitcoin is that it is completely controlled by the country’s authorities.

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