China is publicly testing cryptocurrencies, distributing $30 to every citizen for free



Starting October 9, any individual in Shenzhen city can apply for a cryptocurrency trial program through China' four major banks.

The Central Bank of China will issue 10 million yuan (US $ 2 million) in electronic fees to the randomly selected 50,000 residents.

 These are the first to participate in China's public trial of an electronic yuan payment system, which has the same value as regular banknotes and is recognized by China's central bank.  But only exists as code in digital wallets.

 The People's Bank of China (PBOC) trial program takes place as central banks around the world are racing to issue cryptocurrencies to modernize their payment systems while fighting potential competition from privately issued cryptocurrencies.

China is publicly testing cryptocurrencies, distributing $ 30 to every citizen for free

The electronic yuan has the same value as ordinary paper money and is recognized by the central bank of China / ph: internet

Starting October 9, anyone in Shenzhen can apply for the program through the country's four major banks.  However, only a limited number of participants received 200 yuan (about USD 30) free of charge through random dialing.

 The program will last until October 12.  Winners can then use the cryptocurrency at 3,389 retail locations in Shenzhen, including Sinopec gas stations, Walmart stores, CR Vanguard mall, and Shangri-La hotel.

Previously in April, the People's Bank of China said it was conducting a trial of the electronic yuan payment system in four cities across China, including Shenzhen.  It is expected that this system will also be trialed at future Winter Olympics venues.

Kenji Okamura, Japan's Deputy Minister of Finance, said China is looking to gain a leading edge in its efforts to develop cryptocurrencies.  On Friday, a group of seven major central banks including the US Federal Reserve held a discussion on cryptocurrencies, in an attempt to catch up with China's "proactive short cuts".  or private crypto projects like Facebook's Libra.

 China's crypto ambitions are not just limited to the domestic market.  An editorial published by the PBOC last month states that China needs to be the first country to issue cryptocurrencies to promote internationalization of yuan and reduce dependence on the USD payment system globally.

 However, Flex Yang, founder and CEO of crypto-finance firm Babel Finance, said technology is not the deciding factor in whether the yuan is accepted globally or not.

 "It depends on whether other countries are willing to accept e-yuan payment systems. It's a political issue, not a technology one. We expect it to be  future development as it is still in the early stages."

China is publicly testing cryptocurrencies, distributing $30 to every citizen for free

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