Finance

China to hand out $1.5 million in Lunar New Year digital currency test

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Men wearing face masks walk past a Gap store at a shopping area, as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020.

Jason Lee | Reuters

BEIJING — China’s capital city will hand out about $1.5 million in a limited trial of the central bank’s digital currency, the municipal government announced over the weekend.

That marks the third major test of the digital currency under development by the People’s Bank of China. The cities of Shenzhen and Suzhou held similar experiments in the last few months.

In this trial, Beijing said it will select 50,000 from a pool of applicants to receive 200 yuan, or about $30 each, in the digital currency. Recipients…



Source cnbc.com

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