China Has Dispersed Over $40 Million of Digital Yuan in Red Envelopes, Report Reveals

China Has Dispersed Over $40 Million of Digital Yuan in Red Envelopes, Report RevealsChina, which has arguably the most advanced digital currency project among leading nations, has so far handed out more than $40 million in red envelopes with digital yuan. The promotional campaign for the CBDC is currently focused on five major cities, taking into account their regional development priorities. Beijing Gives Away 269 Million Yuan in […]

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Beijing and Suzhou Railways Now Accept Digital Yuan Payments for Ride Fares

Beijing and Suzhou Railways Now Accept Digital Yuan Payments for Ride FaresBeijing subway has officially launched a new program that allows passengers to pay for rides with the central bank digital currency (CBDC) also known as the digital yuan. The news follows the subway system in East China’s Jiangsu province in the city of Suzhou which also allows digital yuan payments for subway fares. Digital Yuan […]

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Shanghai to Hand Out $3 Million in Digital Yuan Lottery

Shanghai to Hand Out $3 Million in Digital Yuan LotteryAs part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. Lottery Winners to Get 350,000 Digital Red Envelopes […]

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China’s Inflation Hits a Record 4.5% as Beijing Prepares to Test Digital Yuan

China’s Inflation Hits a Record 4.5% as Beijing Prepares to Test Digital YuanChina has been confronted with multiple economic and financial problems this year amidst an ongoing trade war with the United States. Authorities in Beijing have been trying to overcome the challenges with administrative measures in what has become a market economy over the years. Inflation of the yuan just rose to its highest level since […]

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