Shenzhen plans to distribute 10 million RMB in Digital Yuan

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Several developments have been announced about the Chinese planned Digital Yuan, which somewhat suggests the launch is imminent. Although the digital currency is yet to be completely released to the entire residents in China, the Shenzhen province is looking to step up the development by planning a kind of airdrop via the soon-to-be-launched Chinese central bank-issued digital currency.

Airdrop in Digital Yuan

As reported on Friday, the Chinese province plans to distribute about 10 million Renminbi (RMB), the fiat currency of the country, through Digital Yuan. The distribution of the digital currency is planned as part of the pilot program for the CBDC, and will only be distributed to about 50,000 lucky people from the province. Precisely, the airdropped is planned to hold on October 12. 

The latest move for the Digital Yuan will reportedly make Shenzhen the first-ever province in the country to push towards the digitizing of the Chinese currency to this large extent. Already, the province has been one of the active regions in the country where the digital currency is being piloted. Sometime in 2018, the People Bank of China (PBOC) established a subsidiary company in the city, which was reportedly related to the development of the planned Digital Yuan.

Shenzhen’s Plan for the Airdrop

Following the report, the local residents have been asked to registered their national identity and mobile number with the Shenzhen application dubbed “iShenzhen.” Fifty thousand participants will be randomly chosen for the free money and are expected to receive 200 RMB worth of the Digital Yuan each. Overall, the Shenzhen authorities plan to give away 10 million RMB worth of the digital currency to the public.

The People’s Republic of China has since tested the feasibility of the national currency. So far, huge progress has been made towards the launching of the central bank digital currency, including wallet applications that will support it. Recently, Blocdesk reported that more than $160 million had been processed with the digital currency in China, still under the pilot program. The funds were processed in more than one million transactions. 

Aside from China, several other countries are also racing towards the development of the viable digital currency. This comes as many people now prefer digital methods to facilitate transactions.

The post Shenzhen plans to distribute 10 million RMB in Digital Yuan appeared first on BlocDesk.

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