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Wallet for Chinese Digital Yuan Still Works as Its Test in Shenzhen Rounds off

China’s experimental $1.5 million giveaway of digital yuan to Shenzhen citizens ended on Sunday (October 18) as it took 10 days from appointment, registration to pilot.

On October 19th, according to the data from WeChat official account of “i Shenzhen”, as of October 18, 47573 individuals have received “Luohu Digital RMB Red Packet,” a rewards program initiated by the Shenzhen government, and 62788 transactions were made with transaction amount about 8 million Chinese yuan.

Data shows some users also recharge their digital yuan wallets with a consumption amount of 901000 Chinese yuan.

What’s more, the digital yuan wallet still works after the test ended. More than 3000 merchants who participated in this activity have completed the transformation of the digital yuan system, and can still accept digital yuan payment after the pilot.

China’s central bank issued 10 million yuan ($2 million) of digital currency to 50,000 randomly selected consumers in what some see as the country’s first public test of the digital yuan payment system. local news agency Sina Finance reports Oct. 9.

The results showed that more than 1.9 million people applied for the “Red Packet”, and the winning rate was only 2.6%.

The significance of Shenzhen’s pilot is: testing the installation of wallet app, directional transfer, and payment (including two links of consumer-initiated payment and merchant collection), digital yuan recharge, and digital yuan purse binding bank card. Second, it is a good public education activity about digital yuan to attract people to participate in.

An insider believes that the pilot project is a stress test to verify if there are security risks in the system when 50000 users adopting digital yuan in a relatively closed environment. It also tests the consumer’s acceptance of the digital currency.

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