China hands out $1.5m of digital currency in cashless society trial

  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run

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China held a $1.5 million lottery to test a new digital currency

China is taking its digital currency tests to a new level by giving away more than 10 million yuan ($1.5 million) in a new lottery (via CNBC). The state-run People’s Bank of China gave 50,000 randomly selected citizens a “red packet” worth 200 yuan ($30), to spend at several thousand designated retailers in Shenzhen’s Luohu district. The idea is to not only test the technology involved, but boost consumer spending in the wake of the COVID-19 pandemic.

The winners will be be required to download a digital Renminbi app in order to receive the digital money, according to state news site China Daily. After that, they’ll reportedly be able to buy goods from local pharmacies, supermarkets and even Walmart,.

China started ramping up trials with the digital yuan last April, when it ran a pilot program that reportedly included US companies like McDonald’s and Subway. Unlike decentralized cryptocurrencies

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China hands out $1.5 million of its digital currency in one of the country’s biggest public tests

  • Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency.
  • The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen.
  • The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank.



a close up of Mao Zedong holding a piece of paper: A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.


© Provided by CNBC
A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.

GUANGZHOU, China — China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future.

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Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the

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Jack Dorsey says Bitcoin and blockchain will shape Twitter’s future where ‘content exists forever’ | Currency News | Financial and Business News

Twitter CEO Jack Dorsey.


  • Bitcoin and blockchain will shape Twitter’s future through a decentralized internet standard, Twitter CEO Jack Dorsey said at the Oslo Freedom Forum 2020 last week.
  • BlueSky, a designated team tasked with developing the standard, will hire about five people to build a protocol enabling Twitter’s transition to a decentralized platform.
  • Dorsey’s renewed motivation towards a “trusted system in a distrusted environment” comes after July’s massive security breach in which hackers took over dozens of high-profile Twitter accounts.
  • “I fundamentally believe that security is something that can never be perfected,” he said. “It’s a constant race. It’s a constant push to be ten steps ahead of hackers.”
  • Visit Business Insider’s homepage for more stories.

The future of social media platform Twitter will be shaped by Bitcoin and its underlying technology, according to chief executive Jack Dorsey, who was once again endorsing a decentralized social

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