In this trial, the Beijing government will select 50,000 citizens. Each of them to get 200 yuan digital funds, the equivalent of US$ 30. People are ableto use this money in several offline stores or online shopping at JD.com.
Due to welcoming chinese new year 2021, this trial will take effect February 10-17, 2021. People who are lucky to get this money must use a Chinese ID card or a resident of Hong Kong, Macao or Taiwan who has a residence permit in Beijing.
The Central Bank of China or the People Bank of China (PBoC) developed its own digital money with the hope of working in a payment system to replace expensive cash management.
This digital money is different from Bitcoin in that the issuance and amount of money in circulation is controlled by the central bank. China itself has banned its citizens from transacting Bitcoin.