Since the launch of the cryptocurrency-blockchain industry in 2009, there have been several countries trying to adopt the technology. However, with the recent developments and advancements, China has proven that it is ahead of the crypto-blockchain adoption game.
With the recent developments, China has made it evident that it is serious in adopting in crypto-blockchain technology. It has made it crystal clear to the entire world that it will not let any other country surpass it when it comes to digital-currency adoption.
As far as the United States of America is concerned, the country has lost its last hope after Donald Trump’s defeat in the recent presidential elections. Now, China has up its game of becoming the first country to launch digital-yuan for global supremacy.
The country had announced that it plans on replacing its paper money with digital-yuan by 2030. So far, the country’s actions are proving true to its intentions of becoming the first digital-currency-backed country.
It was just last month when the Chinese government had launched its first digital-yuan pilot in Shenzhen city. The central bank of China later shared some very positive feedback and outcome from the pilot.
After the success of the initial pilot, the central bank of China has announced that it will be launching its second digital-yuan pilot in the next city. The city where the second pilot will be launched and tested would be the city of Suzhou. The Chinese central banks have named the new pilot phase as the ‘red envelope’ trial.
As per sources, the pilot would involve the giveaway of digital-yuans among the testers from Suzhou. Once the giveaway has been executed, the pilot will be launched by the 12th of December
The pilot is set to coincide with the Double 12 Shopping Event that is set to take place in the entire country on the 12th of December.
It has been reported that many other districts and markets near the area have already started to equip themselves for the pilot. It has been revealed that many shops have already installed scanners for the QR codes that would be used in the pilot phase.