China reveals digital yuan pilot results

#1

This has been in the works for some time now, showing China’s dedication to moving faster than most other countries when it comes to CBDCs.

Also known as DC/EP, an acronym that stands for digital currency/electronic payment, the digital yuan is a part of a longstanding initiative by the Chinese government since 2014 — when it established a digital currency research institute — to use cryptocurrency-inspired technology to modernize payments, bypass international trade networks and exert geopolitical strength.

The digital wallets processed RMB 1.1 billion ($162 million) across 3.1 million digital yuan transactions between April and August when the pilots launched and ended, Fan said, making it the most widely used central bank digital currency (CBDC) in a commercial setting.

#2

I’m not surprised. They were using fast food chains to test it up until recently. They will probably fully implement it soon. I wonder which country will be next to implement their own digital currency.

#3

Yea, 6700 use cases apparently.

Hooked up to facial recognition, barcode scanning and tap and go payment technologies, the digital yuan transactions spanned over 6,700 types of use cases. These applications included retail, hospitality, transportation, utility payments, government services and electronic versions of red envelopes gifted to healthcare workers in Shenzhen’s Luohu district, Fan detailed.

Fairly extensive.

#4

They’ll probably have it implemented in the whole country soon.

#5

I think we all expected that. More countries are going to implement this.

#6

They have started doing this and all the countries are going to follow their steps for it. Let’s see what is enstored for us all in the future.

#7

The pandemic definitely hastened this process for everyone, I think.

#8

Another pilot complete. 100,000 residents each getting 200 yuan to spend. Not a bad deal for lucky few.

#9

They just gave them 200 yuan?