The digital yuan, officially known as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Photo: Reuters
The digital yuan, officially known as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Photo: Reuters

Shenzhen’s sovereign digital currency giveaway attracts 2 million applicants in China’s latest test of virtual yuan

  • A total of 50,000 digital ‘red packets’ each containing 200 yuan (US$30) were available, meaning only 2.61 per cent of applicants were successful
  • It is the latest in a series of trials to test and promote the new digital yuan, officially known as the Digital Currency Electronic Payment (DCEP)

The digital yuan, officially known as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Photo: Reuters
The digital yuan, officially known as the Digital Currency Electronic Payment (DCEP), is part of China’s plan to move towards a cashless society. Photo: Reuters
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