Latest Digital Yuan Pilot Makes 20,000 Transactions in Two Days
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The Chinese efforts is actively working on trials of its digital yuan project, as they are regularly implementing further trials across the country. The most recent pilot could be an indication of the range of adoption of the asset, with transactions experiencing a surge. According to Global Times, a local news source, a leading Chinese eCommerce platform called JD.com had recorded a total of 20,000 digital yuan transactions on their platform this week. These transactions were part of the test that was recently conducted in a city called Suzhou, which is located on the western side of Shanghai.
According to the news report, nearly 80% of the participants who had used the platform for making the transactions had been born in the 1980s and 90s. At least one transaction of the total had been valued at $1,500. This is undoubtedly impressive because the trial in the city had only been launched on Friday. The local news CLS had reported that a number of the top tech firms in the country had also been involved in the Suzhou trial. These companies include Bilibili, a bike-sharing platform called Meituan, and the largest ride-hailing service in the country, Didi Chuxing.
The total number of participants in the digital yuan pilot was 10,000, all of whom had been chosen through a lottery-site program. It also happened on the same day as the renowned Double 12 shopping extravaganza, which had taken place on Saturday. Residents were allowed to spending their winnings at shopping centers throughout the city via point-of-sale technology. A blockchain advocacy organization based in Shanghai, the Digital Renaissance Foundation’s Managing Director, Cao Yin spoke to the Global Times. He disclosed that these trials would continuously be carried out by the People’s Bank of China until the official launch of the digital yuan.
The trial in Suzhou is the latest in the test programs that have been set up by the People’s Bank of China, along with local jurisdictions. Sina Finance had reported in October that a giveaway program had been launched by a district in Shenzhen, Luohu where 50,000 residents had been given 10 million units of the digital yuan through a lottery. Winners were provided a brief period for spending their winnings in the region’s brick-and-mortar stores. Cao highlighted that the bank was developing its digital yuan by hiring talent from private digital currency companies and internet giants.
More trials could be expected in the next year, as they hope to use a market-oriented approach for developing the asset. As far as a potential launch date is concerned, Cao believes that it could happen in 2023. According to the blockchain advocate, China is currently leading the race in digital currency development and the government could choose to be as cautious as they prefer. He said that they had only themselves to compete with at this point, so there was no need for them to rush into it. The launch date is in accordance with estimates by People’s Bank of China’s head, Yi Gang.
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