Chinese Citizens Get $1.5 Million In Free Digital Currency

Chinese Citizens Get $1.5 Million In Free Digital Currency In Central Bank Trial

Signals in FX – The municipal government of Beijing will give selected participants a share of $1.5 million in a trial of its central bank’s digital currency, and in a bid to boost consumption over the Lunar New Year holiday.

As reported in the South China Morning Post, this is now the third trial of the Chinese digital currency, after similar tests took place in Shenzhen and Suzhou over the last few months. Citizens in Suzhou will also receive an extra 30 million yuan as part of a second test in this province.

Shenzen has already distributed $50 million yuan in 3 amounts during October. This brings the total of yuan distributed in trials so far to around $100 million. Forex Signals – Boston Fed and MIT

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The digital currency will be enabled from this coming Wednesday until February 17. The currency can be spent on clothing, shoes, cinemas, hotels, groceries, and other areas, in selected online and offline stores.

China hands out $1.5 million

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Many other countries are developing or investigating a CBDC (Central Bank Digital Currency). This would give a country the power to program currency, and would put more tools in the hands of government economists to boost economic growth.

However, there are also a few perceived drawbacks which include the set-up costs of introducing a new technology to citizens, to say nothing of tax-payers footing the bill. Forex Signals – China’s Digital Yuan

Chinese Citizens Get $1.5 Million In Free Digital Currency In Central Bank Trial