The latest digital currency giveaway is aimed to gauge user experience ahead of an expected launch.
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Ethereum’s native cryptocurrency, ether, jumped to its highest level since early 2018 following a 43% gain last week.
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The Chinese city of Shenzhen is giving away another 20 million digital yuan, worth $3 million, as part of the ongoing real-life test of China’s central bank digital currency.
The Shenzhen government announced on the New Year’s Eve that it will give away 100,000 red packets via a lottery to local residents with each packet worth 200 digital yuan, or $30.
Lottery-winners will be able to spend the digital yuan between January 7 and January 17 among over 10,000 shops, restaurants and supermarkets in Shenzhen, according to the announcement.
In last October, Shenzhen conducted China’s first city-wide digital yuan test via a lottery giveaway that was worth $1.5 million in total available for 50,000 residents, who were able to spend the free money at some 3,000 local stores.
In December, the city of Suzhou doubled down on the efforts to test China’s digital yuan, which was in a much larger scale in multiple aspects, as The Block reported.
The Suzhou test ended on December 27. The Suzhou government said in a WeChat post a week ago that 96,614 lottery winners collected their digital yuan and spent almost all of the $3 million free money.
According to the post, 55% of the digital yuan consumption came through offline stores while the rest was transacted via Chinese e-commerce platform JD.com. In addition, 536 people tested the offline touch-to-pay feature.
However, the latest Shenzhen test will not enable some of the features that were supported in the Suzhou test, such as the online payment option and the offline touch-to-pay function.
According to a report from Beijing Business Today on January 3, the Suzhou test discovered some technical bugs and loopholes for the offline touch-to-pay function, which was why the new Shenzhen test has not yet adopted the technology.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Four crypto industry experts share their biggest insights from 2020 and what they mean for 2021.
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The price of dogecoin has soared 150% since the start of the new year since an adult star tweeted that she’s been an investor since 2014.
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“Not your keys, not your bitcoin.” This week, two events want to help you on your road to financial self sovereignty.
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The price of ether (ETH) has jumped above $900 to highs not seen since February 2018.
Data from Coinbase Pro shows the price of the world’s second-largest cryptocurrency by market capitalization has increased by 21% over the past 24 hours to $905.45 at the time of this writing. According to CoinGecko, the market cap of Ethereum is now over $100B.
Early this month, CME Group announced that it will list an ETH futures product next year. The product is coming to market on February 8, subject to regulatory approval.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: The Block
The macro analyst looks at unexpected sources of strength in the economy.
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Bitcoin is no longer limited to a single chain, meaning altcoins like ether are trending towards irrelevancy, says the neuroscientist and DeFi entrepreneur.
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