The first users of the digital yuan were not impressed by the development of the People’s Bank of China
The first experience of testing the digital currency of the People’s Bank of China drew criticism from participants, according to Reuters.
Earlier, the Shenzhen authorities, together with the Central Bank, held a lottery, during which they raffled off about $ 1.5 million in digital currency. Almost 2 million people showed interest in the drawing.
Now, the participants who have successfully passed the selection and received “red envelopes” for 200 yuan or $ 30 in digital currency, say that the tool needs to be improved if the Central Bank really hopes that they will abandon existing payment systems such as Alipay, for its sake..
The publication surveyed the first users of the digital yuan in the shopping area of Shenzhen. One of the interviewees stated that the digital yuan is less convenient to use than other payment systems, and she will not pay it again if it is not finalized. Another said that the infrastructure of the digital yuan is reminiscent of Alipay and WeChat Pay, which have been around for a long time. At the same time, she admitted that she could switch to a national digital currency if she considers it safe and convenient..
“It is especially important to offer convenience and other benefits to promote the digital yuan,” Senior Economist at PwC China told Reuters..
Over 3,000 outlets in Shenzhen have been trained in the initial digital currency test. To make a payment, users were asked to scan a QR code in their wallet.
It is known that by the end of the first stage of the program, 47,573 out of 50,000 lottery winners spent the received digital currency. They carried out 62,788 transactions for $ 1.3 million. Some not only spent the money received, but also replenished their wallets, for a total of 901,000 yuan ($ 134,000).
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