China hands out $1.5m of digital currency in cashless society trial

  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run

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A Chinese city is handing out $1.5 million in digital ‘red envelopes’ to lottery winners to trial a cashless society



a view of a city with tall buildings in the background: Futian district in Shenzhen, China. A different district, Luhou, took part in the digital currency pilot. Prisma by Dukas/Universal Images Group via Getty Images


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Futian district in Shenzhen, China. A different district, Luhou, took part in the digital currency pilot. Prisma by Dukas/Universal Images Group via Getty Images

  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

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Will Italy’s Push For A Cashless Society Change Its Economy Forever?

The coronavirus pandemic has left Italy’s economy in a bad state, with the latest predictions foreseeing a -9% in GDP in 2020. At the same time, the online economy has limited the fall, leading to a +15% in the use of contactless payments and +80% of mobile payments compared to 2019. For the first time, Italy’s historic resistance to electronic transactions might be at a turning point. This is one of the reasons behind the country’s government decision to draft a plan in the direction of a ‘cashless society’, which is also meant to counter undeclared economic activity and tax evasion – a phenomenon that in Italy is worth 12% of the country’s GDP.

Even before the pandemic, Italy was not in good shape: it is at the 24th place out of 27 countries in the EU for number of

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Coronavirus USA: The move to a cashless society because of COVID-19 pandemic

Among many changes the COVID-19 pandemic has brought to the U.S., one is a possible move closer to a cashless society.

Since more people decided to stay home when the coronavirus outbreak spread, they were spending less money. If people were out, fear of catching the virus kept them from touching many things, including loose change at the register.

As Americans made more non-cash purchases, headlines of a coin shortage followed.

READ MORE: Millennial Money: Try touchless payment to avoid dirty money

“The coins aren’t getting to where they need to be,” said Harvard business professor Shelle Santana.

In 2018, non-cash transactions, including debit cards, credit cards, electronic payments and checks, totaled more than 174 billion. In 2015, that number was 30.5 billion less.

“It’s just faster,” Santana said. “It’s faster for the consumer and faster for the seller. So if your cashier isn’t having to count coins in particular,

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A Cashless Society and the Mark of the Beast

It was recently announced that cash will no longer be accepted on the London Bus system and the use of plastic cards, which can be preloaded with credit, will be insisted upon. This follows on from a similar announcement in Kenya where public transport will also go cashless and switch to an electronic system of payment.

The move towards cashless transactions is very much an increasing trend and governments throughout the world are pushing the idea of a “cashless society” i.e. a world where all payments are made electronically. Obviously, proper records will have to be kept and these will have to be readily available to all those concerned. Important and powerful, global organizations including the UN are involved but developments along these lines could have massive implications for individual freedom and privacy.

Supporters point to an obvious reduction in overheads by removing the need to produce/secure physical cash along … Read More