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Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The Shenzhen government confirmed that 47, people out of the 50, selected by lottery received their digital red packets, after 1.

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Copyright Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

The ongoing trials are meant to iron out some of kinks that still exist in using the new payment medium — such as some merchants not having access to real-time data to make sure a payment has been received. Non-Group of 20 nations such as Sweden, Norway, Switzerland and Cambodia have also confirmed they are considering digital mmoms. And the trend was exacerbated by the coronavirus pandemic, the central bank said in notice on December The PBOC vowed last month to punish those who refuse to take cash payments.

Some merchants and companies have become more reluctant to accept cash in recent years as China increasingly moves away from physical coins and banknotes. The central bank has also tested the new currency in the cities of Chengdu and Xiongan, as well as at venues for the Winter Olympics. The Shenzhen government confirmed that 47, people out of the 50, selected by lottery received their digital red packets, after 1.

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No time frame for a nationwide roll-out has been revealed. China was the first country to begin looking into developing a digital yuan inand a of Group of 20 countries have since said they are either exploring, developing or testing digital currencies.