Why is China Giving out $200 of digital Yuan to some of it’s citizens?

  • March 02, 2021 09:43 PM AEDT
  • Team Kalkine
    Team Kalkine
    Team Kalkine
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    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

Since 2018 Cyprus has been said to be a digital currency hotspot, with many blockchain and forex businesses setting up bases in sunny Cyprus. There are other island nations such as Bermuda and Malta that are international blockchain pioneers, as well as Switzerland pitches itself as having banking neutrality to foreign nations seeking a safe haven for their bank accounts.

China has now taken the lead, by executing a lottery run via the connectivity app WeChat. Chinese citizens, picked in a lottery-style manner, were recently offered $200 in digital Yuan ($30US) to test out the operating of the digital currency eCNY. The Chinese central bank started testing the currency out in 2020 and is now moving into the larger cities of Shang Hai and Beijing. At present, a QR code is linked to the account holder's bank account and is said to be as easy to use as Jack Ma’s Ant Group’s Alipay.

 


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