Source: Pixabay (moerschy)
The hand out is part of an ongoing plan to roll out a digital yuan across the country.
- China has been testing their central bank digital currency in various cities across the country for the last few years.
- Shenzen, where the recent give away occurred, has been the primary test bed for Chinese officials.
- Over 50 000 randomly selected residents of the city received 200 yuan (30$USD) to spend on local merchants.
- Unlike cryptocurrencies such as Bitcoin, China's CBDC is centralized - controlled by the People's Bank of China.
- Chinese officials have stated that they wish to move towards a cashless society.
- Critics fear that use of a CBDC will tighten the grip of an already totalitarian Chinese government.
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