100 % guaranteed winners – China is moving at high speed on its crypto-yuan and DC/EP (Digital Currency/Electronic Payment) system. After offering its new digital currency for the first time in October for full-scale tests, it’s back on track! A lottery is organised again.
Who wants to win millions of e-yuans?
The People’s Bank of China (PBoC) is most likely one of the most advanced central bank digital currency (CBD).
The tests of this MNBC having been successful so far, a first lottery was organised last month. 50,000 lucky citizens of the city of Shenzhen were drawn to win 200 digital yuan.
The experiment has obviously worked very well since, according to the crypto wealth-media The Block, the Chinese city of Suzhou is also preparing to launch a lottery for December.
The famous red packets (red envelopes), symbols of gifts, will be distributed for a kind of Black Friday with Chinese sauce, celebrated on December 12 (12.12 shopping festival).
New: offline payments integrated into the DC/EP?
The modalities of this new lottery are not explicitly specified, but are announced as similar to the one in Shenzhen. It is therefore possible that 10 million digital yuan – nearly 1.5 million dollars – could be at stake again.
The big novelty would now be the possibility to make offline payments. Transactions between 2 portfolios in the DC/EP system on smartphones would be validated by NFC (Near Field Communication).
According to the sources cited, many companies in the Xiangcheng district of Suzhou have already installed compatible outlets for the winners to spend their digital yuan.
The Chinese government’s DC/EP ecosystem is being perfected with an eye to the year 2020. While other economic powers are dithering over whether to issue their own MNBC, China is already proving how well its DC/EP works in the real economy.