China begins its digital currency try-out

China begins its digital currency try-out
  • Clock-gray 12:19
  • calendar-gray 08 February 2021

The Chinese government confirmed on Monday it will release approximately $1.5 million as a "try-out" of the central bank’s digital currency, APA reports citing Teletrader.

People’s Bank of China will, therefore, choose 50,000 people from a pool of applicants and they will be given 200 yuan ($30) in the digital currency that they will be able to spend at designated locations.

However, this digital currency won’t be similar to decentralized cryptocurrencies such as Bitcoin. Dubbed e-yuan (CBDC), the currency will be controlled by China’s central bank.

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