Cryptocurrency: Distributing cryptocurrencies under a digital payment scheme to 50,000 citizens.

About 2 million people have registered for cryptocurrency

The Chinese bank has distributed 10 million yuan (approximately $ 1.5 million) in digital currency i.e Cryptocurrency (approximately $ 1.5 million) to 50,000 Shenzhen residents.

The move comes as a result of the launch of China’s new e-payment program (DCEP).

Each citizen who wins the lottery will receive a “red package” of about 200 yuan. They can download the currency and use it for digital payments at more than 3,000 stores in the city.

About 2 million people were registered for Cryptocurrency, but only 50,000 of them were successful.

Someday everyone will use China’s digital currency

The Central Bank of China plans to implement a digital payment plan later this year. But there is no deadline yet

The project was launched in April this year as a test in four Chinese cities. China plans to test the system on the ground for the upcoming Winter Olympics.

The beginning of a non-cash society?

Remember that DCEP is not a coin. A digital alternative to the Chinese, the official currency of China, supported by the central bank and issued only by the central bank.

Part of China’s efforts to build a non-cash society. (A society that pays in digital currency instead of paper money)

According to some research, four out of five payments made in China are made by local digital payment firms such as VChatPay or AliPay. VChatPay is part of Tencent, part of Alipay Alibaba.

According to the People’s Bank of China, the People’s Bank of China, the bank made non-cash mobile payments in 2019. (Non-cash) 249.27 trillion, up 25% from a year ago

China wants to be the world’s leading digital currency.

The Central Bank of China issued a statement last year urging China to mobilize the yuan into cryptocurrency and reduce its dependence on the global dollar system.


Cryptocurrency competition

The test comes during a cryptocurrency competition between central banks around the world. Development is expected in many countries in the implementation and creation of the system.

Earlier this month, a group of seven central banks, including the Federal Reserve Bank and the International Bank for Reconstruction and Development (BIS), published a report outlining the basics of digital currency payments.

At least 17 governments are reportedly considering checking or implementing cryptocurrencies, while governments and private companies are considering such proposals.

Facebook is investigating the introduction of Libra cryptocurrency. Many observers and governments have expressed concern about the plan.

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