Second lottery

Second Lottery Trial of Digital Yuan To Be Held in China

The second lottery of China’s central bank digital currency (CBDC) trial is scheduled to hold next month in a city in China similar to one maiden edition held in Shenzhen.

On Dec. 12, a shopping festival known as “Double 12” in China, the city of Suzhou will hold a giveaway designed to gauge usability of the digital yuan, according to a report from local news source The Paper on Monday.

The trial will be similar to one held in Shenzhen in October that allowed residents to apply for a 200-yuan share of 10 million units of the CBDC in a kind of lottery, worth around $1.5 million in total.

The Suzhou event will trial additional aspects of the technology not activated in Shenzhen, including the digital yuan’s offline feature that allows users to touch smart devices to make transfers.

The Paper reported that “many” businesses in the Xiangcheng district of Suzhou have already installed point-of-sales tech with NFC (near-field communication) and QR code capabilities allowing the digital yuan winnings to be spent.

The report also indicates another city, Chengdu, is holding a closed beta trial of the CBDC, allowing invited participants to use a digital wallet for transactions via a “major bank.”

This article is sourced from:https://www.coindesk.com