Chinese city giving away 10m yuan in lottery trial of digital currency and Bank of Japan to begin test of digital currency in 2021

[SafReb]

Authorities in the Chinese city of Shenzhen have begun giving away more than 10m yuan ($1.49m) in a citizens’ lottery, as part of trials of a new digital currency.

Almost 2 million people applied to be one of 50,000 randomly selected citizens receiving a “red packet” valued at 200 yuan (about US$30) on Sunday, to spend at 3,800 designated outlets in the district of Luohu. Participants must download the official digital Renminbi app, which is not yet publicly available, to receive the currency for purchases within the next week.......

In April, several cities, including Shenzhen, reportedly began a trial adoption of digital currencies into the local monetary system, including paying the salaries of public servants.
The currency is backed by China’s state-run People’s Bank of China, and is part of the government’s push for a cashless society, with digital currencies more easily monitored than paper money of cryptocurrencies. Digital payments in China are already a widespread and increasingly essential part of the consumer economy, mostly through apps run by tech firms TenCent and AliPay.......Last year, state media reported plans for Shenzhen to become “one of the leading cities in the world in terms of economic strength and quality of development” by 2025.
https://www.theguardian.com/world/2...10m-yuan-in-lottery-trial-of-digital-currency

Bank of Japan to begin test of digital currency in 2021​

The Bank of Japan has said that it will start testing a central bank digital currency (CBDC) in early fiscal 2021.

The BOJ said Friday it will create a system on the internet, where the basic functions of the CBDC, including its issuance and circulation, will be tested. The central bank will then work on more advanced experiments......In January, six major central banks, including the BOJ, the European Central Bank, the Swiss National Bank and the Bank of England, as well as the Bank for International Settlements launched a joint research group on CBDCs. The U.S. Federal Reserve joined the group later.
https://www.japantimes.co.jp/news/2...ess/bank-of-japan-test-digital-currency-2021/

This is an agenda by the Bank for International Settlements (BIS) and World Economic Forum. The latter through the Digital Currency Governance Consortium.

BIS is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks"
https://www.weforum.org/projects/digital-currency-governance-consortium

Further development elsewhere.....

• Issued Friday, the report – "Central bank digital currencies: foundational principles and core features" – was prepared by the central banks of Canada, the U.K., Japan, Sweden and Switzerland, as well as the U.S. Federal Reserve, the European Central Bank and the Bank for International Settlements (BIS).
• It sets out several "core principals" for central bank digital currencies (CBDCs) and how they should be designed.
• Firstly, a CBDC should work alongside cash and other current payment types "in a flexible and innovative payment system."
• Secondly, it should support "wider policy objectives" and "do no harm" to monetary and financial stability.
• Thirdly, it should "promote" innovation and efficiency.
• In the report, the group says that, while central banks have been providing money to citizens for hundreds of years, "the world is changing."

South Korea's central bank also said this week it would conduct tests of a digital won through 2021.
https://www.coindesk.com/fed-reserve-central-banks-bis-digital-currency-principles-cbdc

Estonia launches CBDC research after delisting 500 digital currency firms​

The Estonian central bank has launched a multi-year research project into the viability of a central bank digital currency. Known as Eesti Pank, the bank believes that a CBDC would give residents and businesses new ways to deposit and use money. The move comes just days after reports of its e-Residency scheme being linked to growing number of cryptocurrency fraud cases and the delisting of 500 digital currency startups in early 2020........The CBDC research project comes months after the Estonian government stripped 500 digital currency firms of their licenses. The unexpected cleanup was the government’s response to the country’s huge implication in the $226 billion Danske Bank money laundering scandal. Estonia’s Financial Intelligence Unit (FIU) claimed at the time that many of the delisted firms were not ‘subject to Estonian supervision and coercive measures.’
https://coingeek.com/estonia-launches-cbdc-research-after-delisting-500-digital-currency-firms/

 

[Jewels]

It seems like our currency is already digital....I don’t understand the difference

 

[myeyeisonthesparrow]

It seems like our currency is already digital....I don’t understand the difference

the difference is they want to have no hard cash out at all. They want to control All the money all the time; He who controls the money controls the people. They will be able to tell you and I who can buy, or who can get paid, and if you don't do what they say or do you don't get the digital money...just like China has now, their number system.