China will put its digital yuan to test on Friday, December 12, by adopting a technology which enables users to transfer the digital currency to retailers and individuals by simply tapping their smartphones even without having internet connection.
The Chinese multinational technology giant, Huawei, has manufactured phones that supports a built-in hardware wallet, and the ‘tap’ feature ahead of the trial.
According to a report by Nikkei Asia, about 100,000 people in the city of Suzhou in China will participate in the test and receive 200 yuan ($31) each, which can be used to purchase products at stores in the city, especially on JD.com, which will be the first online platform to accept it.
The day for the trial was picked strategically to fall on December 12, a day Suzhou holds an annual shopping event called ‘Double 12’, where people go on a shopping spree, to test how the JD.com will perform under heavy online transactions pressure.
Bitcoin has dropped back to $18k, falling down by 2.00% to its current price of $18,663.30 within the last 24 hours. The trading volume of bitcoin in the last 24 hours is $23.82B. The current market capitalization of bitcoin is $346.33B. Within the last 24 hours, bitcoin has experienced $18,629.54 low and $19,299.05 high. Currently, 18,565,562.5 bitcoins are in circulation.
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In October, China did the first pilot in Shenzhen where more than 47,000 people received 200 yuan each that can be used in stores and restaurants.
All these efforts are geared towards perfecting the digital currency use for person-to-person transfer, online transactions, taxes and utilities before China central bank full rolls out the digital yuan by the 2022 Winter Olympics.