Chinese central bank to airdrop 10 million digital yuan

[cabron]

Its going to airdropped today! Someone will probably show us how it does work in just a day probably on youtube. Chinese had long been cashless though but this is a new technology which their government had been developing. If the test city Shenzhen will work out fine, they will of course allow it to all cities in China. Too early to think whether the digital yuan will also be accepted on other countries but its probably the only to accept if other countries don't have digital fiat of their own.

There is no mention of how long it wil take for this testing on Shenzhen.

[death69]

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.

Not as bright as you think. There is no affirmation that the blockchain technology is exploited by the China. Moreover, everything belongs to the China is a centralized product whereas blockchain creates decentralization for users. Therefore, no reason we should be joyful with this news. China will control every aspect of their citizen without even giving them a single chance for resistance. I feel very lucky not being born in this damn place

Cashless does not mean the situation will change. Bank will still dominate and government always watches what you are doing and whether it is suspicious or not. Be careful of a cashless society created by the communist leadership. They are all the perpetrators who cause Covid-19 in this year by hiding the truth about the existence of the virus

[babykika2027]

China know how to do things fast

[shoreno]

the amount looks so huge not until i see its conversion to dollars and the number of people that will get a share for this .

i sum it out and the individual will only get a whooping of 40 usd  but thats better at least that still a free money and whats good is that its being distributed in a fair manner which is by raffle because if they do this in an actual airdrop , many people will abused it and many people are going to be late to join to this .

[bakasabo]

Great first step to a mass cryptocurrency adoption. Hope these lucky lottery winners will be smart enough to hold these digital yuan. I have a strong feeling, that if these digital yuan wont find much usage, they will be interested for collectors (sort of first NFT tokens by Binance).

Fun fact: as this is a lottery, results must be announced on public. Smart people will figure out winner address and how and on what they spend their aidropped digital yuan will be seen to everyone thanks to blockchain.

[Salauddin1994]

China is a very powerful country and I want to control everything that is why they have decided to use 10 million digital yuan in the chinese central bank airdrop but it will take a long time for crypto airdrops to be decentralized. The us dollar the british pound the euro the canadian dollar and the japanese yen are currently used as international currencies and the central bank has decided that in addition to those currencies the chinese local currency is now gaining international currency status.

[Francis Freeman]

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

Wow that's a pretty big amount and a pretty big step in the move towards the digital economy by China. Although I think the users may not be use the money that is airdropped now as it is still in a pilot phase.

[begau]

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

Wow that's a pretty big amount and a pretty big step in the move towards the digital economy by China. Although I think the users may not be use the money that is airdropped now as it is still in a pilot phase.

This is a large amount of money but actually distributed to 50,000 lucky residents, that amount is not much, each person is about $40. However, this is an important test step, it helps to promote the widespread use of digital currency in China.

[tvplus006]

This is an interesting promotion to make an airdrop among Chinese residents who use the digital yuan. But at the same time, I see that it was not necessary to do this, since the transition to the digital yuan is mandatory for everyone, which means it can not encourage its use in the future.

[kevinzxz]

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

This is very good news, because if Chinese already uses the blockchain system by making digital yuan currency, then this is a good step for bitcoin and altcoin (cryptocurrency), because in the future cryptocurrency will become a legal payment system in the world and of course cryptocurrency price will increase very high and the price that will definitely increase very high in my opinion is Bitcoin.

[masterrex]

I think the world's major economy will step into the adoption of digital currency by 2021-2022 and it will also a global exposure for crypto and blockchain technology. In these moves of China, they are already the first country to adopt the CBDC issued digital currency this is interesting and how the U.S will respond to this development, the U.S- China rivalry in almost everything will be tested again in the field of digital currencies, so can we expect a BTC-DYuan fair soon?

[Jating]

I think the world's major economy will step into the adoption of digital currency by 2021-2022 and it will also be a global exposure for crypto and blockchain technology. In these moves of China, they are already the first country to adopt the CBDC issued digital currency this is interesting and how the U.S will respond to this development, the U.S- China rivalry in almost everything will be tested again in the field of digital currencies, so can we expect a BTC-DYuan fair soon?

I don't know if they are the first one though, Venezuela has Petro and Russia has crypto rubble.

However, I think those two has failed to deliver as it wasn't able to gain the trust or at least Venezuelan and Russians didn't participate and patronised those digital tokens. But with China it's different, they take it slowly goes on a lot of testing, including this airdrop. So I wouldn't be surprised by 2021-2022 this is full blown and we will hear how successful it was for the Chinese and then they set the precedent.

[plr]

People on that city are lucky to get this airdrop it will be worth a lot and since China is a highly commercial city, and it will be first use in that city with the Chinese backing it this is going to be the first coin created and backed by the wealth of the government of China so it's guaranteed to be a success.

[Akiko]

People on that city are lucky to get this airdrop it will be worth a lot and since China is a highly commercial city, and it will be first use in that city with the Chinese backing it this is going to be the first coin created and backed by the wealth of the government of China so it's guaranteed to be a success.

They are lucky because they can test it for free and that's a free money for them . For value I don't think it will increase they will make that currency fixed  . Since the only thing that they want to make a  solution is to move to digital era which can be solve if more of thier country men will use that coins as normal currency  and regularly using it to transact in that country.

[unusualfacts30]

If this had been for whole world it could really make big different in yuan, unfortunately, that's not the case as its only for chinese citizens but it may pave the road for US and other countries to follow.

[jacafbiz]

It is a good trial but there digital currencies can only work in a Communist country like China where everything is centralised from top to bottom, I don't think it would gain any traction outside China. The reason why Bitcoin gave traction was because of its decentralized system and no one can control your money

[bittraffic]

This is only for Shenzhen city but there was a video I was watching last month saying that their digital yuan was actually tested in several cities already in China. This airdrop is likely to stimulate the economy of the digital fiat, there could be less activity in digital yuan. Most likely the Chinese users are hoarding because they still can use the wechat and the alipay.

[justdimin]

At least they are starting, that is a big step in the right direction, even though I hate that it comes from China and I wish it was more developed nation that did this, it is at least still a good step for us. I do not know how much the government is involved in this, but considering Chinese government is involved with basically every single thing in their nation, I am sure they are at the very least aware of the situation and allowed it at bare minimum, probably they are involved so much that they made this happen with a request.

If we could have this in multiple nations, we could basically all own other nations money without dealing with banks, right now it is not that easy but with stable coins we could have a portfolio of other fiat whenever we want to very easily.

[Akiko]

This is only for Shenzhen city but there was a video I was watching last month saying that their digital yuan was actually tested in several cities already in China. This airdrop is likely to stimulate the economy of the digital fiat, there could be less activity in digital yuan. Most likely the Chinese users are hoarding because they still can use the wechat and the alipay.

Hoarding it is not a good option using it in daily is what they are planning to do hoarding it is useless unless it can help the price increase when no one is using it . Alipay and wechat is just another option of payment but they want digital yuan as main currency that will be circulated in that country and use it daily . That's the reasons why they are given it free for some people so they can try and see if its really convenient to use compare to other payment option that they have.

[kindbtc]

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

That would be awesome, I am happy for Shenzen city residents who will receive these airdrop coins but what if someone want to buy this digital Yuan outside China? Because being a decentralized digital coin anyone should be able to buy, hold or trade it irrespective of the country where he lives in.