China’s digital yuan kicks off test on e-commerce platforms
New round of tests in Suzhou allow use of CBDC for online shopping for the first time
China began testing its digital yuan on e-commerce platforms for the first time on December 11, allowing users to spend the central bank digital currency (CBDC) for online consumer purchases.
The tests took place in Suzhou, a city west of Shanghai. A total of 20 million yuan ($3.06 million) would be distributed to 100,000 users in the city via a lottery, the municipal government said on its website.
The previous public test in Shenzhen also used the lottery format. Applicants selected by the
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