Tens of thousands of Chinese this week spent digital yuan at Walmart, gas stations and convenience stores across the southern tech hub of Shenzhen. The experiment — unprecedented in scope and size — went off without a hitch, catapulting the world’s No. 2 economy to the forefront of a race to develop virtual money.
The real-world test is thus far the largest in terms of users and money involved since the Chinese central bank kicked off testing of its digital cash in a handful of cities in April. The government in Shenzhen handed out 10 million yuan ($1.5 million) of the new money — dubbed Digital Currency Electronic Payment, or DCEP — to 50,000 randomly selected citizens through lucky draws on the currency’s wallet app. Each winner gets 200 yuan to spend at more than 3,000 retail outlets spanning one of the city’s buzziest districts.
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