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China has begun trials for its digital assets and issued 10 million yuan last week. The efforts of the state will probably result in a cashless future. It has been a few years since the Chinese government shed light upon the efforts of digitising yuan. Now, the first ever digital currency issue was led last week as a lottery prize for the winner. For the lottery, nearly 2 million people applied and 50,000 people actually won. All the winners were awarded the digital currency.
Winners can download digital renminbi application to receive the digital asset and the currency can be used on over 3,000 retailers particularly in Shenzhen. Unlike Bitcoin, yuan is the Chinese currency that will be controlled by the central bank – People’s Bank of China. eWallets like Alipay will not be affected. However, both will work together along with other banks.
China digital currency trial: Over $1 million handed out in lottery https://t.co/a21izkZ4bg
— Holden Brooks Weaver (@holdenbweaver) October 13, 2020
Until now, the Shenzhen ploy is the biggest digital asset ever issued but now the Japanese officials are also considering introducing digital yen. The former official at the Ministry of Finance in Japan, Kozo Yamamoto, says that the country needs to adapt its laws to grab better opportunities.
The official’s statement was recorded right after the Bank of Japan’s official announcement to introduce digital yen by 2021.