China’s City of Suzhou Reportedly Set to Roll Out “Red Envelope” Trial For Digital Yuan
China’s Central Bank Digital Currency (CBDC) Digital Yuan is gaining wider traction across the whole country as another city of the country is reportedly launching a trial for the country’s centralized digital currency. As reported by the local media outlet The Paper on November 23, the Chinese city of Suzhou is going to conduct Digital Yuan’s test in red envelopes.
A Red Envelope Test
As per the report, the trial of digital yuan is expected to begin the next month. According to sources close to the matter, it is scheduled to occur on the 12th of December which is considered a very significant day in the republic of China. On the same day, the country celebrates its Double 12 shopping festival.
It will be a red envelope test similar to the one which was conducted in the city of Shenzhen back in the month of October. Shenzhen was the first city in the country to launch a red envelope trial for the country’s central bank digital currency. This trial was conducted successfully as 10 million in digital yuan was given in a lottery to 50,000 residents who were the winners of the lucky draw. The winners were allowed to spend these tokens across 3,000 stores. These stores reportedly took part in the trial of the Shenzhen city.
Now, Suzhou will become the second major city in the country of China to launch a red envelope trial for Digital Yuan. What’s unique about this trial of Suzhou is that new functionality or feature of offline payment will be introduced. This feature will be enabled in the wallets of Digital Yuan and will allow users to use the functionality of touch on smartphones for initiating transactions. This feature was not available in the trial of Shenzhen.
China pushes forward with its efforts to release its CBDC
These expanding trials of Digital Yuan across the major cities of China show that the country is continuously pushing forward with its effort to release its central bank digital currency soon.
Recently, the President of China Xi Jinping urged the countries of the international forum G20 to show support to central bank digital currencies while asking them to adopt an accommodating and open attitude toward them.
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