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  • Beijing Review

    ECONOMY

    Oct 22, 2020 5 minutes

    Digital RMB

    Shenzhen in the southern province of Guangdong issued 10 million yuan (1.47 million) worth of digital currency in a pilot program on October 12 to promote the application of the new form of currency.

    The program, in collaboration with the People’s Bank of China (PBC), the central bank, gave the money to 50,000 recipients via a random draw, each receiving 200 yuan ($29.6).

    It is an innovative move to spur consumption and domestic demand during the regular control and prevention of the novel coronavirus disease (COVID-19), and a routine test in the currency’s research and development process, according to local authorities.

    The Ministry of Commerce said in August that China would pilot the digital renminbi in select regions across the country, including

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