Shenzhen said Thursday it is launching a pilot program with the Chinese central bank to distribute a total of 10 million yuan in digital RMB to the public to stimulate consumption and domestic demand as well as to conduct a routine test of the digital currency.
The pilot will be funded by Shenzhen's Luohu District, and the money will be distributed equally to 50,000 recipients through lottery. Residents can use the money at 3,389 designated merchants, including restaurants, supermarkets, gas stations, metro stations, department stores, and other businesses in Luohu District within next week.
It is the latest move to further expand pilot run of digital RMB in Guangdong-Hong Kong-Macao Greater Bay Area, following trials in four cities: Xiongan New Area in north China's Hebei Province, Shenzhen in south China's Guangdong Province, Suzhou in east China's Jiangsu Province and Chengdu in southwest China's Sichuan Province.
It will also be tested during the 2022 Winter Olympics Games in Beijing, and will be expanded to other regions as appropriate.
China's four major state-run commercial banks 鈥