Chinese central bank to airdrop 10 million digital yuan

[tsaroz]

It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

[Sirait]

seeing this news I like seeing a bright future for crypto & blockchain technology, if this is officially launched then the US will lose one step from China.

After 70% success being a cashless country now, China is making fast strides, it seems like they already predict that cryptocurrency is the future of the world's currency.

[VolkoB]

US will lose one step from China.

The US at this time launched a printing press at 146% of power.
I really want to see such drops in my country)

[CucakRowo]

Small corrections. Chinese is related with language, culture or people (as mentioned in google translate). When you talk about central bank, means china central bank.
China is always way step a head when to applied every national program that they were made. It is no wonder why since last week chinese flood US stocks market as mentioned in here : https://www.scmp.com/news/china/article/3104603/chinese-firms-flood-us-markets-capital-ahead-moves-tighten-regulations

I think that "floods" is one of their strategies to make their new digital yuan that they launched recently more easily accepted by their citizens. Some people said that this strategy is one of method to "short" $.
My question is, can this new digital yuan coin soar in price? or is it the same as USDT/DAI where 1 USDT/DAI = 1$

Can't wait what kind of "war" that could be happens when these 2 nations heard about this new digital yuan has been launched :
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

[ashmodeus]

yep, i've see that news a day ago, its kind of a test,i mean public test before going fully launch at 2022,what i think about the time has come, which mean probably paper money will replaced sooner,even for traditional markets.
https://decrypt.co/44410/1-5-million-of-chinas-cbdc-will-be-distributed-in-shenzhen

[kingzpro]

I would like to see this digital yuan coin on mainstream crypto exchanges too. If that happens mainstream crypto market and crypto coins will really boom because it will become very easy to buy, sell or exchange crypto for atleast the Chinese people right now. I am quite sure many more countries are working on their digital coins so im very bullish about all these developments as crypto volumes and trust will grow massively with national, legal coins.

[benthach]

US will lose one step from China.

The US at this time launched a printing press at 146% of power.
I really want to see such drops in my country)

the u.s government is way behind in this crypto game, then they will find someone or something to blame. just like the trump administration always find someone to blame.

[ashmodeus]

I would like to see this digital yuan coin on mainstream crypto exchanges too. If that happens mainstream crypto market and crypto coins will really boom because it will become very easy to buy, sell or exchange crypto for atleast the Chinese people right now. I am quite sure many more countries are working on their digital coins so im very bullish about all these developments as crypto volumes and trust will grow massively with national, legal coins.

since chinese goverment has banned all activities about cryptocurrency,well, its just a dream i guess, futhermore probably another reason for creating digital yuan is for tracking where the money going, since its centralized.

[CucakRowo]

-sip-

No worries. Me (as President Trump) and our college in EU will create more powerful stablecoin in earth rather than that weak digital yuan.
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

To create that powerful stablecoin, we will design it more carefully and meticulously using our latest technology. No RUSH needed.
 

[benthach]

-sip-

No worries. Me (as President Trump) and our college in EU will create more powerful stablecoin in earth rather than that weak digital yuan.
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

To create that powerful stablecoin, we will design it more carefully and meticulously using our latest technology. No RUSH needed.
 

sound like kid playing around, it don't sound serious, especially the u.s one.
we will always find mixed messages with the u.s and europe on the crypto. they don't have straight message from the government.
i always see and have the feeling the u.s government always have this grudge, jealousy or envy of crypto.

[Coyster]

I would like to see this digital yuan coin on mainstream crypto exchanges too. If that happens mainstream crypto market and crypto coins will really boom because it will become very easy to buy, sell or exchange crypto for atleast the Chinese people right now.

The digital Yuan or any other CBDC is not a decentralized cryptocurrency, it's centralized and not the same as Bitcoin or other dex coins, imo, cbdc's are not of any benefit to Crypto adoption, and it won't be used on crypto exchanges or like dex crypto's.

if this is officially launched then the US will lose one step from China.

That's why I've said many times before that launching CBDC's looks too much of a move in flaunting political powers by different countries, the U.S. will look to make new progress with this news about the digital Yuan, that's why I'm not interested in CBDC's since they aren't decentralized and are only digital versions of the countries fiat currency.

[bigcash2011]

It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

With this localized airdrop one can conclude that they will allow the use of this digital yuan inside China only but personally i would have loved it if they have made it global and airdrop should have also been global.

[BayAngelo]

Unfortunately, this is not for all but for chinese citizens. The digital currencies is gradually gaining attraction and china has been a known supporter from day one. we will get to see more of these happening and why cryptocurrency will go mainstream. hopefully, other nations might adpot this same process but will there be a stimulus packages Just like china.?

[TimeTeller]

Unfortunately, this is not for all but for chinese citizens. The digital currencies is gradually gaining attraction and china has been a known supporter from day one. we will get to see more of these happening and why cryptocurrency will go mainstream. hopefully, other nations might adpot this same process but will there be a stimulus packages Just like china.?

I understand that they are prioritizing their residents first because it is their own digital currency.
So their move is to actually gain adoption among its citizens. And that is expected on their part.
Being a centralized coin, if they will open to global users, are those users willing to submit their KYC docs just to own this digital yuan?
I guess not many users will be happy to send their docs to the Chinese authority. So don't fret that they are not opening this opportunity to nonresidents.

[samcrypto]

seeing this news I like seeing a bright future for crypto & blockchain technology, if this is officially launched then the US will lose one step from China.

After 70% success being a cashless country now, China is making fast strides, it seems like they already predict that cryptocurrency is the future of the world's currency.

Digital Yuan can become a big thing considering that the Chinese people will always follow the instruction of their government and yes China will become a totally cashless society in the next coming years. This is an eye opening to every country, they should start adopting now and make it more convenient to transact anywhere in the country.

[Johnyz]

Unfortunately, this is not for all but for chinese citizens. The digital currencies is gradually gaining attraction and china has been a known supporter from day one. we will get to see more of these happening and why cryptocurrency will go mainstream. hopefully, other nations might adpot this same process but will there be a stimulus packages Just like china.?

Its an Airdrop mate that only means that its only available to the lucky receivers of the free digital Yuan, you have to understand the population of China. Anyway, this is a big start for Digital currency and I hope to hear China to finally support bitcoin same with the other nation. I heard that US is also creating their own digital currency, let’s see if they going to push it through.

[Yaunfitda]

seeing this news I like seeing a bright future for crypto & blockchain technology, if this is officially launched then the US will lose one step from China.

They already did, it you look at the blockchain patents, Report: Blockchain Patents 'Skyrocket' in 2020, Alibaba Owns the Most Crypto Patents.

While Alibaba and IBM were the top two blockchain patent filing contenders in 2020, Alibaba outpaced IBM by 10x the number of patents. Moreover, this year has already seen “3 times more blockchain patents published than in 2018.”

After 70% success being a cashless country now, China is making fast strides, it seems like they already predict that cryptocurrency is the future of the world's currency.

China has been cashless country for years now, it's just accelerated because of the pandemic and now that they are in the hurry to have their Digital Yuan go live extending test phase this year and then full blown next year.

[republicrypto]

i think for now chinese always one step ahead if we comparing with other countries including the US
personally i hope this will give a positive impact to crypto world
regards

[TastyChillySauce00]

Unfortunately, this is not for all but for chinese citizens. The digital currencies is gradually gaining attraction and china has been a known supporter from day one. we will get to see more of these happening and why cryptocurrency will go mainstream. hopefully, other nations might adpot this same process but will there be a stimulus packages Just like china.?

That's true and this reminds me of the campaign to make the people became e aware of the existence of CBDC. If there are so many merchants in china have already adopted this digital coin and I think that's quite easy for china to be able to attract the demand but this is just like a lottery game too.
China is quite good to make more and more surprise. Other nations have different ways for that and some have already prepared the CBDC too.
It's just a matter of time until everything will be digitalized.

[Byakuga]

It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

Just as expected, it should be very limited because this is real money and I'm sure it's stable currency meaning it's like giving away real money to the public, anyways I'm happy that finally china is taking the lead to be the first country to go digital currency, it's good news for the entire crypto space and also very encouraging for other countries too.