Today, the National Bank of China and Shenzhen city authorities launched a joint large-scale to check the circulation of cash digital currency - the digital yuan. As part of the test run, a total of 10 million yuan (about $1,5 million) will be donated to all participants in the promotion. This money can be spent from October 12 to October 18 at outlets that have agreed to accept the new digital currency.
Experimental circulation of digital cash in China is being carried out in five regions of the country. You don't need to open a bank account to use it. In terms of ease of circulation, the digital yuan should replace cash, only a smartphone with an application will become a wallet. But unlike modern digital payments, remote transactions will not be needed to calculate the digital yuan, which makes this cryptocurrency resistant to all sorts of failures in banking systems.
At the same time, the digital yuan will make it possible to thoroughly control the circulation of money, with all the ensuing pluses and minuses for citizens, businesses and the economy. This is the future that awaits us. Everyone will be like under a microscope. Is it a pity for $1,5 million or much more? Nothing!
As part of the 10 million digital yuan giveaway campaign, applications for gift money of 200 yuan per person (approximately $30) will be accepted from an unlimited number of applicants. But only 50 people, who will be determined by the lottery, will receive the money. You will need to spend the digital money within six days at one of the 000 outlets in Shenzhen's Luohu District that have prepared to accept the digital yuan. If gift money remains on the recipients' account after October 3389, it will be cancelled. For payment, the digital currency will be accepted at food outlets, refueling cars and other ordinary trading establishments.
To participate in the promotion, the applicant will still have to have his own bank account (in addition to providing a phone number, ID number and personal data). In the future, a bank account will not be needed to use the digital yuan, but it will not be possible to do without full identification. The Chinese authorities expect to launch the circulation of the digital yuan after 2022, so the experiment conceived in Shenzhen will not be the only one before that time. But the action is enticing. It will attract both merchants and townsfolk. After all, there is nothing tastier than free cheese.
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Source: 3dnews.ru