China, Shenzhen City, Shenzhen Pingan Tower, Futian District

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A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run China Daily reported Monday.

The digital currency not a cryptocurrency, like bitcoin or ethereum, but a digitized version of the country’s renminbi currency that is run by China’s central bank, the People’s Bank of China.

The country’s four largest state-owned banks are taking part in the Shenzhen trial, China Daily reported.

The trial requires people to download the government’s digital currency app and spend their money between October 12 and October 16 in 3,000 participating stores in the district, CNBC and China Daily reported. One of those participating stores is Walmart, CNBC reported, citing the Shenzhen government.

So far, around 113,300 such digital currency apps — or “digital currency wallets” — have been set up in various pilot programs across China, with more than 1.1 billion yuan ($163 million) of transactions carried out so far, Fan Yifei, the PBoC’s deputy governor, told China Daily.

The Shenzhen pilot scheme …read more


Source:: Businessinsider – Finance

      

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