China’s sovereign digital currency is entering an already very crowded payments market in China, with the likes of WeChat Pay and Alipay already dominating the sector. Photo: Reuters China’s sovereign digital currency is entering an already very crowded payments market in China, with the likes of WeChat Pay and Alipay already dominating the sector. Photo: Reuters
China’s sovereign digital currency is entering an already very crowded payments market in China, with the likes of WeChat Pay and Alipay already dominating the sector. Photo: Reuters

China digital currency

Economy /  China Economy

China digital currency: Shenzhen consumers spend 8.8 million yuan in largest trial of digital yuan

  • Over 47,000 consumers in the Luohu district of Shenzhen spent 8.8 million yuan (US$1.3 million) during a week-long trial of China’s sovereign digital currency
  • A total of 1.9 million applicants had applied for 50,000 digital ‘red packets’ each containing 200 yuan (US$30), with 62,000 transactions taking place overall

Topic |   China digital currency
Cissy Zhou
Cissy Zhou

Updated: 12:06pm, 21 Oct, 2020

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China’s sovereign digital currency is entering an already very crowded payments market in China, with the likes of WeChat Pay and Alipay already dominating the sector. Photo: Reuters China’s sovereign digital currency is entering an already very crowded payments market in China, with the likes of WeChat Pay and Alipay already dominating the sector. Photo: Reuters
China’s sovereign digital currency is entering an already very crowded payments market in China, with the likes of WeChat Pay and Alipay already dominating the sector. Photo: Reuters
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