Holiday shopping DCEP-style: Digital Yuan trial in the Chinese city of Suzhou

    Chinese national CBDC has just undergone the second real-life major test. A total of 20 million yuan ($3 million) are being distributed via a lottery for about 100,000 residents of Suzhou, a manufacturing centre in eastern China.  Winners will receive a so-called free digital “red packet” of 200 digital yuans. These will be available via a designated app and an e-wallet. 

    The giveaway comes just in time for yet another exciting shopping holiday in China, Double 12 festival scheduled for December 12th. Suzhou e-RMB holders are able to spend the received digital money for online shopping: Chinese e-commerce company said it has become the first online platform to accept the country’s digital currency.

    Suzhou, a 2,500 years old regional cultural centre with many big manufacturers and tech software giants based here, is the second city to become a test ground for the game changing DCEP project. In October,  a total of 10 million yuan was distributed in a similar lottery format among the citizens of Shenzhen, the technology hub filled with young professionals and also known as the Chinese Silicon Valley.