Beijing authorities distribute $ 1.5 million in digital currency to test it

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Last updated on December 8th, 2022 at 02:49 pm

The new currency is controlled by the authorities, not by a decentralized system controlled by users around the world

Over the weekend, the Beijing authorities announced that they would provide about $ 1.5 million in limited trial testing of the Central Bank of the People’s Republic of China’s new digital currency.

Beijing currency
Beijing currency

Beijing authorities distribute $ 1.5 million in digital currency to test it

This is the third stage of testing the digital currency being developed by the People’s Bank of China. In the past few months, similar experiments have been carried out in Shenzhen and Suzhou.

During this test, Beijing announced that it would select 50,000 people from those willing to participate in the trial. They will receive 200 RMB or about $ 30 each in digital currency. Users will spend this money in specific locations or sections of the JD.com e-commerce site during the upcoming Chinese holidays.

Vouchers will be valid from 10 to 17 February. Only those with a Chinese identification number or residence permit in Hong Kong, Macau, or Taiwan can participate in the test.

Unlike other cryptocurrencies like Bitcoin, the new currency being developed by the People’s Bank of China is controlled by the government, not a decentralized system run by users worldwide.

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