CHINA-ECONOMY: SHENZHEN WILL BE THE FIRST CHINESE CITY TO TEST PBoC'S NEW DIGITAL YUAN
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China’s megacity of Shenzhen will use the People's Bank of China's new digital yuan to provide 10 million yuan (US$ 1.5 million) of coupons to residents as part of ongoing pilot programs to test the virtual currency in a sign that it is approaching widespread rollout. The local government of Shenzhen’s Luohu district will provide residents 50,000 digital coupons worth 200 yuan each, which they can spend from October 12 to October 18 in nearly 3,400 designated shops that are capable of accepting digital yuan payments, ranging from supermarkets and convenience stores to gas stations. The consumption stimulus program is the latest move to expand trials of the digital currency, which has been under development by China’s central bank since 2014.
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