{"id":29840,"date":"2020-10-09T10:33:47","date_gmt":"2020-10-09T07:33:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29840"},"modified":"2025-08-27T19:13:06","modified_gmt":"2025-08-27T16:13:06","slug":"china-announces-first-public-distribution-of-digital-yuan","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/china-announces-first-public-distribution-of-digital-yuan\/","title":{"rendered":"China Announces First Public Distribution of Digital Yuan"},"content":{"rendered":"<p>In October, China will run a lottery to distribute digital yuan gifts. Shenzhen authorities will randomly distribute 10 million digital yuan among 50,000 residents of Luohu District in the form of the so-called <a href=\\\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9A%D1%80%D0%B0%D1%81%D0%BD%D1%8B%D0%B9_%D0%BA%D0%BE%D0%BD%D0%B2%D0%B5%D1%80%D1%82\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">red envelopes<\/a>.<!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Just this month: the city government will randomly distribute 10 million yuan of DECP to 50,000 residents, 3389 merchants in Luohu District that have completed the transformation of the DCEP system provided support for this activity <a href=\\\"https:\/\/t.co\/MzR2PaJwXa\\\">pic.twitter.com\/MzR2PaJwXa<\/a><\/p>\n<p>\u2014 chinadefi (@chinadefi1) <a href=\\\"https:\/\/twitter.com\/chinadefi1\/status\/1314253720935227392?ref_src=twsrc%5Etfw\\\">October 8, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Registration will be open from October 9 to 11. To participate, users must provide personal data, ID card numbers and mobile phone numbers. Wallets can be registered at China Construction Bank, Bank of China, Industrial and Commercial Bank, or Agricultural Bank of China.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">When applying for activities, citizens need to fill in their personal name, ID card, and mobile phone number. The registration page also shows 4 state-owned banks, including China Construction Bank, People\u2019s Bank, Industrial and Commercial Bank, and Agricultural Bank. <a href=\\\"https:\/\/t.co\/tKtj0fRFA8\\\">pic.twitter.com\/tKtj0fRFA8<\/a><\/p>\n<p>\u2014 chinadefi (@chinadefi1) <a href=\\\"https:\/\/twitter.com\/chinadefi1\/status\/1314253726819913728?ref_src=twsrc^tfw\\\">October 8, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Recipients of 200 yuan (~$29.50) will be able to spend them from October 12 to 18 at 3,389 merchants, a list of which is available on the lottery site.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">There are at least 2 restrictions on this activity: 1. Users need to register their wallets in designated banks 2. Users need to spend in specific merchants<\/p>\n<p>\u2014 chinadefi (@chinadefi1) <a href=\\\"https:\/\/twitter.com\/chinadefi1\/status\/1314253732549328896?ref_src=twsrc%5Etfw\\\">October 8, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>ForkLog <a href=\"https:\/\/u1f987.com\/en\/news\/china-tests-digital-yuan-in-162m-pilot-transactions\">reported<\/a> that since the start of testing, the payment system based on the digital yuan (DCEP) has processed 3.13 million transactions totalling 1.1 billion yuan (~$162 million). During this period, more than 113 300 personal and about 8 800 corporate digital wallets have been opened.<\/p>\n<p>China <a href=\"https:\/\/u1f987.com\/en\/news\/china-plans-to-challenge-dollar-dominance-with-a-cbdc\">intends<\/a> to outpace other countries and be the first to roll out CBDCs, including to edge the dollar from the world stage.<\/p>\n<p>China&#8217;s successes <a href=\"https:\/\/u1f987.com\/en\/news\/ecb-steps-up-work-on-digital-euro\">have accelerated<\/a> the ECB&#8217;s efforts to issue a digital euro. The Fed <a href=\"https:\/\/u1f987.com\/en\/news\/fed-expands-cbdc-research\">has broadened<\/a> research into digital currencies. The Bank of Japan has formed a working group to study central bank digital currencies<\/p>\n<blockquote class=\\\"wp-embedded-content\\\" data-secret=\\\"T0AmsspTwm\\\">\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/how-and-why-central-banks-create-digital-currencies-cbdcs\">How and why central banks are creating digital currencies (CBDCs)<\/a><\/p>\n<\/blockquote>\n<p><iframe loading=\\\"lazy\\\" class=\\\"wp-embedded-content\\\" sandbox=\\\"allow-scripts\\\" security=\\\"restricted\\\" style=\\\"position: absolute; visibility: hidden;\\\" title=\\\"\u00ab\u041a\u0430\u043a \u0438 \u0437\u0430\u0447\u0435\u043c \u0446\u0435\u043d\u0442\u0440\u043e\u0431\u0430\u043d\u043a\u0438 \u0441\u043e\u0437\u0434\u0430\u044e\u0442 \u0446\u0438\u0444\u0440\u043e\u0432\u044b\u0435 \u0432\u0430\u043b\u044e\u0442\u044b (CBDC)\u00bb \u2014 ForkLog\\\" src=\\\"https:\/\/u1f987.com\/exclusive\/central-bank-digital-currencies-cbdc-china-dcep\/embed#?secret=8VAAjEVfli#?secret=T0AmsspTwm\\\" data-secret=\\\"T0AmsspTwm\\\" width=\\\"500\\\" height=\\\"282\\\" frameborder=\\\"0\\\" marginwidth=\\\"0\\\" marginheight=\\\"0\\\" scrolling=\\\"no\\\"><\/iframe><\/p>\n<p>Subscribe to ForkLog news on Facebook!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In October, China will run a lottery to distribute digital yuan gifts. Shenzhen authorities will randomly distribute 10 million digital yuan among 50,000 residents of Luohu District in the form of red envelopes.<\/p>\n","protected":false},"author":1,"featured_media":29841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,1369],"class_list":["post-29840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=29840"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29840\/revisions"}],"predecessor-version":[{"id":29842,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29840\/revisions\/29842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/29841"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=29840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=29840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=29840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}