Today, Shanghai announced the launch of the latest central bank digital currency (CBDC) trial. Combined with previous pilots, the trial extends China’s digital yuan pilot programs to over two million people nationwide. It’s not just the numbers that are expanding but also the variety of tests, including trying it out at a facility for seniors.
Shanghai’s ‘Happy Shopping’ event will involve the distribution of 350,000 “red envelopes” – a reference to China’s traditional way of gifting cash – with a value of 55 yuan ($9). Individuals can register for the event between June 5 to June 6, China Financial News reports. The money can be spent from June 11 to 20, although the list of pilot merchants has yet to be announced.
This pilot program follows China’s testing of digital currency giveaways around the country. On May 31, Changsha handed out 300,000 “red packets” to the lucky winners amongst 1.3 million lottery participants.
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