China Opens Digital Yuan Whitelist to 10 Million Citizens

China has opened a digital yuan white list to 10 million citizens, a central bank official said during a news conference Thursday.

China opens digital yuan whitelist to 10 million citizens

At present, those interested in using the digital yuan can apply to the “white list” of state banks that sell the digital yuan. There are currently 10 million users of such whitelists, Fan Yifei, deputy governor of the People’s Bank of China, said at a press conference on Thursday.

“We are confident that we will continue to expand the testing spectrum,” said Fan, adding that the 2022 Beijing Winter Olympics will be the next major test area.

The lottery will include 200,000 prizes worth approximately 200 digital yuan which can then be used to transact with multiple retailers across China. The digital yuan or renminbi will see a major test rollout at the Beijing Winter Olympics next year.

EC currency is used for the domestic economy and is not intended to reduce the country’s dependence on the US dollar. It is used to pay some workers in China’s new Xiong’an Zone.

According to Mu Changchun, general manager of the Digital Currency Research Institute of the People’s Bank of China (PBOC), the digital yuan can be stored in a variety of wallets – digital, physical, private or public.

Anyone who registers for the digital yuan lottery can register in the so-called “whitelist” of state banks that sell crypto currencies. More than 10 million people have applied so far, according to Bloomberg, Fan Yifei, deputy governor of the People’s Bank of China, said at a news conference Thursday.

The digital yuan lottery comes after other tests in the country, for example, Chengdu residents were given around $ 6 million in digital yuan in February. The central bank has also tested a central bank digital currency (CBDC) in several cities, including Shenzhen, Suzhou and Hangzhou.

The central bank also recently shut down a Beijing-based company for providing unregulated crypto-related services. Yifei said at a press conference today that cryptocurrencies issued by private institutions are increasingly being used as a means of payment for illegal activities and money laundering.

Fan said at the press conference that cryptocurrencies issued by private institutions have become speculative instruments that threaten financial security and social stability. They have also become means of payment for illegal activities and money laundering, he said.

Meanwhile, stable currencies around the world could pose challenges for international currencies, payment and settlement systems, Fan said.

“We were pretty concerned about it so we took some action,” he said.

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