Moving closer than ever to nationwide launch, China’s DCEP e-RMB will soon circulate in the heartland city of Suzhou in the biggest test yet of the nation’s new central bank digital currency (CBDC).
About 100,000 residents of Suzhou, a manufacturing hub in eastern China, will receive free digital red packets containing a collective 20 million digital yuan — or about US$3 million — starting tomorrow. China’s latest digital currency giveaway, the largest to date, is scheduled to happen the day before the nation’s “double twelve” festival of shopping this Saturday, Dec.12.
Aside from designated brick-and-mortar retail stores and restaurants, Suzhou residents will also be allowed to spend their DCEP cash at online stores in JD.com, the first time that the digital yuan will be available for online shopping.
A select group of users will also be able to experiment with the CBDC’s offline wallet function — which will allow users to make a direct payment without having to go through the internet, according to People’s Daily.