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DIGITAL CURRENCY

📆 This month has seen the second lottery trial of the digital 💴 Yuan.

The first of its kind was held in Shenzhen last October.

Who is ready for the digital wallet?

On Dec. 12, the shopping festival known as “Double 12” in the city of Suzhou held a giveaway designed to gauge the usability of the digital yuan, according to a report from local news source The Paper on Monday.

The trial was similar to one held in Shenzhen in October that allowed residents to apply for a 200-yuan share of 10 million units of the CBDC in a format similar to a lottery, worth around $1.5 million in total.

The Suzhou event was a trial on additional aspects of the technology not activated in Shenzhen, including the digital yuan’s offline feature that allows users to touch smart devices to make transfers.

The Paper reported that “many” businesses in the Xiangcheng district of Suzhou have already installed point-of-sales tech with NFC (near-field communication) and QR code capabilities allowing the digital yuan winnings to be spent.

The report also indicates that another city, Chengdu, is holding a closed beta trial of the CBDC, allowing invited participants to use a digital wallet for transactions via a “major bank.”

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