Technology

Watch | All about China's digital yuan

China's experimental $1.5 million giveaway of digital yuan to Shenzhen citizens ended on Sunday with acclaim from currency analysts - and scepticism from some users saying they preferred existing shopping tools like the ubiquitous Alipay app.

Under the week-long programme, the People's Bank of China (PBOC) gave 200 yuan ($29.75) to each of 50,000 consumers selected in a lottery in digital “red envelopes”, echoing the country's traditional way of gifting cash.

The online wallet was accessible via an app, without need for an existing bank account, with payments accepted via smartphone scans in downtown outlets in China's fourth-biggest city, from luxury goods retailers to snack stores.

Printable version | Nov 25, 2020 11:33:59 PM | https://www.thehindu.com/sci-tech/technology/watch-all-about-chinas-digital-yuan/article32963459.ece

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