Politics, Technology

October 13, 2020

Chines gives away 1.5 million USD of its digital currency

Source: Pixabay (moerschy) 

The Gist

The hand out is part of an ongoing plan to roll out a digital yuan across the country. 

The List

  • 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. 

Additional information

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