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  • 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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  • Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency.
  • The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen.
  • The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank.



a close up of Mao Zedong holding a piece of paper: A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.


© Provided by CNBC
A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.

GUANGZHOU, China — China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future.

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Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the

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Google Pixel 4a 5G in hand front of phone 2

Now that the Pixel 4a 5G and Pixel 5 are official, we’ve got three different Pixels to choose from this year. There’s the Pixel 4a, which costs a cool $349, the 4a 5G, which adds some faster networking, a faster processor, and an extra camera for $499, and the Pixel 5, which adds a premium build, wireless charging, a 90Hz display, water resistance, and a bigger battery, for $699.

Between those three, the 4a 5G seems like the middle ground a lot of people are looking for. It has the biggest display of the three at 6.2-inches, the wide-angle camera everyone wanted last year, and a chip that’s perfectly future-proof with 5G connectivity. While it still lacks the extras like wireless charging and a 90Hz display sported on the Pixel 5, a lot of people won’t care about those things, and just want something that works for a good price.

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