Chinese city Suzhou to give away around $5 million in latest digital yuan test

The Chinese city of Suzhou is set to give away 30 million yuan or about $5 million in the latest digital currency test.

The city government announced the news on Thursday, saying that the giveaway will take place on Friday, in 150,000 red envelopes, each worth 200 yuan ($31).

The giveaway results will be announced on February 10, and winners will have to spend the money between February 10 and February 26 on the e-commerce site and selected offline merchants in Suzhou.

This would be the latest digital yuan trial by Suzhou. In December, the city gave away about $3 million worth of digital yuan in red packets.

China's digital currency keeps getting real with an increasing number of city-wide tests, as The Block has reported previously.

Chengdu is said to be the next place to roll out another city-wide test of China's central bank digital currency, officially known as Digital Currency/ Electronic Payment or DC/EP.