(Source: www.thepaper.cn)

On October 12, People’s Bank of China(PBOC) distributed 10million Yuan to 50,000 citizens in ShenZhen, GuangDong, China through DCEP(Digital Currency Electronic Payment). This is the first attempt for the general public to experience using DCEP. Previously, nurses, armies, and government officials had opportunities to test DCEP before the public release.

Through Chinese media, thepaper, 50,000 people were selected by internet lottery and received DCEP worth of 200 Yuan. The lottery winners can receive DCEP by downloading the “Digital Yuan APP” through the link in the message sent by the Shenzhen city government and signing up for a digital wallet. Users can transfer and deposit directly to the Digital Yuan app and can also transfer DCEP to personal bank account or WeChat Pay. Starting on October 12, 18:00, DCEP can be used at about 3,400 local stores.

Most of the citizens responded that it was “wonderful”, but stores that can use DCEP have not yet responded to the full use of DCEP. At a store located in the local Huayung Center, information signs were installed two weeks ago and more than 10 payments have already been made with DCEP. A person in charge of Cheonhong Department Store said, “From April and May of this year, we could already receive payment with digital yuan at department stores, and especially in marts,” he said.

DCEP has been pilot tested in Shenzhen and other places since the beginning of this year. This time, the DCEP payment to 50,000 people in Shenzhen city started, and many ordinary citizens will experience comfort of using DCEP. China’s DCEP pilot test results are drawing attention.

Translated by Young Hwang