BEIJING, Dec. 7 (Xinhua) -- Suzhou, a city in east China's Jiangsu Province, will issue 20 million yuan (about 3.06 million U.S. dollars) worth of digital currency in a pilot program to boost consumption in the coming local shopping festival, according to Shanghai Securities News on Monday.
The digital currency will be issued in 100,000 electronic red packets worth 200 yuan each via a random draw. Eligible Suzhou residents can apply to participate in the draw starting last Saturday.
With advances in technology, offline wallet test is also involved in this pilot program. Less than 1,000 applicants will be selected to try offline wallet which allows users to make payments or transactions with poor connection or even without internet.
However, it's also noted that the pilot program in Suzhou is only a routine work in the research and development (R&D) process, which does not mean the official launch of the digital renminbi.
Earlier, in August, the Ministry of Commerce announced to pilot digital renminbi in some selected regions across the country.
According to a circular posted on the ministry's website, digital RMB will be piloted in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and some eligible locations in midwestern China.
(Edited by Li Shimeng, Hu Pingchao with Xinhua Silk Road, lishimeng@xinhua.org)
A single purchase
