The capital city of China, Beijing will test the digital Yuan, a challenger to Bitcoin. Beijing will share Yuan Digital during the Chinese New Year 2021. A total of US $ 1.5 million.
In this trial, the Beijing government will select 50,000 citizens. Each of them to get 200 yuan digital funds, the equivalent of US$ 30. People are ableto use this money in several offline stores or online shopping at JD.com.
Due to welcoming chinese new year 2021, this trial will take effect February 10-17, 2021. People who are lucky to get this money must use a Chinese ID card or a resident of Hong Kong, Macao or Taiwan who has a residence permit in Beijing.
Beijing will be the third city to test the Yuan digital currency. Previously, Shenzhen and Suzhou had conducted trials several months ago, as quoted from CNBC International, Monday (8/2/2021).
The Central Bank of China or the People Bank of China (PBoC) developed its own digital money with the hope of working in a payment system to replace expensive cash management.
This digital money is different from Bitcoin in that the issuance and amount of money in circulation is controlled by the central bank. China itself has banned its citizens from transacting Bitcoin.
Read now: India to Ban Bitcoin Cs and Create Its Own Cryptocurrency
