The city of Shenzhen has selected 50,000 individuals to participate in its digital yuan “red packets” pilot program, according to the local government.
TagDigital Currency
Some civil servants have already received part of their salary in the form of digital currency in Suzhou, according to Chinese state-owned media.
China’s Ministry of Commerce released a statement, stating that the digital yuan pilot program would cover most Chinese cities and regions.
China is set to expand its digital currency testing programs to more regions and cities, including some of the country’s most developed financial hubs.
China's state-owned bank has carried out an internal and hypothetical-use pilot of China's central bank digital currency in four Chinese cities.
Huang Qifan, vice chairman of CCIEE, firmly holds that China's central bank is close to developing its blockchain-based financial technology and will be the first to officially roll out a usable digital currency.