Over $20K Transactions were Made at the Trial event for Digital Yuan

News • 2020/12/14 • by

Following the $3,000,000 Digital Yuan lottery by Suzhou Municipal government, citizens have now conducted thousands of dollars worth of transactions. In the process of trying the digital Yuan, about $20k has gone into circulation on JD.com.

Major Updates

China launches Digital Yaun for Trial

Citizens were given free Digital Yuan by the government for trial

The currency will be issued in 2021

Statistics and reports from Global Times showed that over 80% of the people that participated in the JD.com digital yuan transactions are born in the 1980s and 1990s. The report also added that the minimum amount per transaction carried out is way above $1,527.

The test will still be done in China's other places to know if the digital Yuan is ready. The government has made it more comfortable with the lottery. Next year, there will be more moves to see how well the digital currency can work and how the issuance can be safe. There is no need to rush because they don’t have a competition for digital Yuan.

The digital Yuan program has started in April in places like Shenzhen, Chengdu, Suzhou, and Xiongan. As of November, the Program has remitted about $300M from 4Million transactions, and testing will be expanded in more cities.

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