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Shenzhen Trial Tests China's Virtual Yuan
Summary: The Luohu district of the Chinese city Shenzhen is conducting a trial of China's own digital currency, the virtual yuan, which has been in development since 2014, according to CX Tech. The trial, which is running between the 12th and 18th of October, has issued 10 million yuan, worth $1.5 million, in the form of ...
The Luohu district of the Chinese city Shenzhen is conducting a trial of China's own digital currency, the virtual yuan, which has been in development since 2014, according to CX Tech. The trial, which is running between the 12th and 18th of October, has issued 10 million yuan, worth $1.5 million, in the form of 200-yuan coupons to 50,000 Luohu residents, who can now spend their new digital assets in over 3,000 shops.
The virtual yuan has the potential to act as a protective mechanism for China's economy, according to the People's Bank of China (PBOC). It is hoped that the current trial will provide evidence of the digital currency's protective power by demonstrating the Chinese government's ability to stimulate consumption by issuing its own currency.
By Isaac Goluboff
Tags: Bank of China,Digital Yuan,Luohu District,Shenzhen,Yuan
Link: Shenzhen Trial Tests China's Virtual Yuan [Copy]
