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October 14, 2020 11:30 pm

China Starts Digital Yuan Trial By Giving $30 To 50,000 People

China is starting a first-of-its-kind digital yuan trial by distributing 10 million yuan ($1.5 million) of the digital currency among 50,000 participants selected by lottery. "That equates to each participant being granted 200 yuan, or $30, to spend at any of 3,389 designated restaurants and stores," notes Nikkei Asian Review. From the report: The trial ends next Monday. Other tests of digital currencies have mainly been done by the public sector, but this is the first to involve a large number of ordinary citizens. There was no cost to take part in the test. More than 1.91 million people applied to take part with and acceptance rate at less than 3%. Ostensibly, the digital yuan project is meant to make China's currency more international and user friendly. But critics say it would also allow authorities to more easily track funds. Apprehensions over China's digital currency assume such transactions will not stop at the nation's border. If the digital yuan is taken up across the world through trade and other avenues, it could undermine the dollar's status as a global key currency. Sanctions that ban dollar transactions would risk losing effectiveness. And if the digital yuan becomes the international standard in terms of technology, it could create a hindrance to other nations' issuing their own digital currencies.

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