China leading the race for CBDC and distributing 10 million e-yuan in Shenzhen

China leading the race for CBDC and distributing 10 million e-yuan in Shenzhen

A local Chinese news agency (SINA Finance) reported that, in order to promote the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, in conjunction with local consumption promotion policies, the Shenzhen Municipal People's Government and the People's Bank of China recently launched a digital RMB/e-Yuan

And the report stated that The Shenzhen Municipal Government and the Central Bank of the People's Republic of China launched a pilot digital renminbi (e-Yuan), which issued a total of up to 10 million (around 1.5 Million $) to 50,000 successful applicants, a scenario for further expanding the digital renminbi test. 

Each winner individual in Shenzhen will be earning the amount of 200 yuan and can be consumed at 3389 merchants that have completed the digital RMB / e-yuan system transformation from 18:00 on October 12th to 24:00 on October 18th in Shenzhen Luohu District.

The central bank digital currency or e-yuan has been prepared for nearly five years, and its functions and attributes are similar to paper currency, except that the form is digital. Then, in the future, the central bank's digital currency can also be deposited into bank accounts, or Alipay, WeChat wallets, etc., or even withdrawn and deposited from bank ATM machines.

Source: SINA finance
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