China will test payments for the digital yuan as part of the upcoming CBDC experience in order to bring a user-friendly experience for the Chinese citizens so let’s find out more in today’s altcoin news.
Suzhou citizens will now take part in specialized digital yuan trials starting on Friday this week as authorities will aim to replicate the physical cash experience in the new trials. The test coincides with the new Chinese shopping event that helps to stress test the network. China’s ambitious digital currency plan says that the CBDC will be used for transfers between two mobile phones using a simple “tap” feature according to reports by Nikkei Asia with the trials aiming to expand the digital currency’s use case from retail payments to a broader ecosystem.
China is putting a whupping on the US is the race to digital dominance. The Chinese Govt is focused on being a reserve currency for the rest of the world when we have been looking inward. https://t.co/NWVuaSVYCS
— Mike Novogratz (@novogratz) December 6, 2020
China’s digital yuan or the Digital Currency Electronic Payment is the state-backed digital currency backed by the Yuan and is overseen by the People’s Bank of China. More than 1000 people will take part in the trials that take place in Suzhou which is the most tourist-centric city near Shanghai. Testers will be airdropped with the digital yuan and will tap their smartphones with each other in order to transfer money and to replicate the experience of giving out cash in a traditional manner.
Since China will test “tap” payment options, the telecom giant Huawei will provide the phones for the trial. Other local companies will join as well as the ride-sharing service DiDi which has seen the government partner with the private players in order to develop and to integrate the yuan in their apps.
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More than 100,000 people in Suzhou will receive 200 yuan and will have to purchase items at retail stores in the city. In the meantime, e-retailer JD.com could become the first online platform to start accepting digital currency.
Starting on Friday, the test will take place during the Chinese shopping event called Double 12 which sees e-retailers, retail shops, and other businesses offer discounts in order to boost buying. This means that it will be a busy time for the payment networks and will create the perfect environment for authorities to check If the yuan will work in a busy period. The Suzhou tests are a part of a broader trial that will run in 28 major cities in order to slowly starting shifting to a wholly-digital financial ecosystem. The country marked out 2022 for the full-scale rollout of the new system.
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