Suzhou Administration to Conduct Second Digital Yuan Test

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The authorities of the Chinese city of Suzhou will test the state digital currency, distributing 30 million yuan (about $ 5 million) to residents of the city.

The Suzhou administration announced that the digital yuan will be distributed as a lottery. 200 digital yuan (about $ 31) will be distributed among the 150,000 residents of the city. The results of the draw will be announced on February 10, and the winners will have to spend the funds from February 10 to 26 at stores where digital yuan is accepted. Local authorities have explained that this will be the last testing of the asset in the city. Suzhou already ran a digital yuan giveaway in December to evaluate the convenience of the government cryptocurrency ahead of its official launch.

According to local media reports, the next digital yuan test will be conducted in Chengdu City. Last month, Shenzhen hosted the third Spring Festival free lottery, which also received 200 coins for each winner.

We can say that thanks to so many citywide tests, China’s digital currency is becoming a real means of payment. In addition, a few months ago, the NBK began negotiations with the Hong Kong Monetary Authority (HKMA) to test the digital yuan for international payments in order to promote it in the global financial system.

However, given the concerns of other countries about the possible international spread of the digital yuan, former NBK governor Zhou Xiaochuan said that China’s digital currency will not replace conventional money or disrupt the global financial system.

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