China to Hold Second Lottery Trial of the Digital Yuan

A lottery in Suzhou will additionally trial the offline feature of the digital yuan, per a Monday report.

AccessTimeIconNov 23, 2020 at 8:38 a.m. UTC
Updated Sep 14, 2021 at 10:34 a.m. UTC

A city in China will hold the second lottery of the country's central bank digital currency (CBDC) next month.

  • On Dec. 12, a shopping festival known as "Double 12" in China, the city of Suzhou will hold a giveaway designed to gauge usability of the digital yuan, according to a report from local news source The Paper on Monday.
  • The trial will be similar to one held in Shenzhen in October that allowed residents to apply for a 200-yuan share of 10 million units of the CBDC in a kind of lottery, worth around $1.5 million in total.
  • The Suzhou event will trial additional aspects of the technology not activated in Shenzhen, including the digital yuan's offline feature that allows users to touch smart devices to make transfers.
  • The Paper reported that "many" businesses in the Xiangcheng district of Suzhou have already installed point-of-sales tech with NFC (near-field communication) and QR code capabilities allowing the digital yuan winnings to be spent.
  • The report also indicates another city, Chengdu, is holding a closed beta trial of the CBDC, allowing invited participants to use a digital wallet for transactions via a "major bank."

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.