One other Chinese language metropolis is beginning a digital forex check – this time it is a lot larger at $ 6 million
People walk past the headquarters of People’s Bank of China (PBOC), the central bank, in Beijing, China on September 28, 2018.
Jason Lee | Reuters
BEIJING – The southwest China city of Chengdu announced Tuesday that it will spend around $ 6 million on the central bank’s latest digital currency test.
The scope of the study is much larger than it was in Beijing earlier this month, with the aim of distributing around $ 1.5 million to 50,000 applicants. Other cities like Shenzhen and Suzhou have been running their own tests of the People’s Bank of China’s digital currency in recent months.
According to Chengdu City, locals can take part in a lottery for one of around 200,000 vouchers on Wednesday and Thursday. They are worth approximately $ 27 to $ 37 each, for a total of 40.2 million yuan ($ 6.2 million) in digital currency.
Like the Beijing handout, the Chengdu Study is lunar New Year and will work with local retailers and the JD.com e-commerce app. According to the announcement, lottery winners can redeem the vouchers from March 3rd to 19th.
In recent years, mobile payments have replaced cash as the primary method for making purchases by consumers in China.
Alibaba-affiliated Alipay app and Tencent’s Wechat Pay are the two most important apps in China.
The People’s Bank of China has developed a digital currency that is expected to work similarly to the payment apps. Unlike popular digital currencies like Bitcoin, which are powered by a decentralized system, the central bank’s version is controlled by a single power.