Chinese city Suzhou to give away around $5 million in latest digital yuan test

advertisement

The Chinese city of Suzhou is set to give away 30 million yuan or about $5 million in the latest digital currency test.

The city government announced the news on Thursday, saying that the giveaway will take place on Friday, in 150,000 red envelopes, each worth 200 yuan ($31).

The giveaway results will be announced on February 10, and winners will have to spend the money between February 10 and February 26 on the e-commerce site JD.com and selected offline merchants in Suzhou.

This would be the latest digital yuan trial by Suzhou. In December, the city gave away about $3 million worth of digital yuan in red packets.

China's digital currency keeps getting real with an increasing number of city-wide tests, as The Block has reported previously.

Chengdu is said to be the next place to roll out another city-wide test of China's central bank digital currency, officially known as Digital Currency/ Electronic Payment or DC/EP.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More