According to the director of the China CBDC Institute, Changchun Mu, the funds transfer appwithout connection tointernetboth sides are "fully designed and have a user-friendly interface."
Enthusiasm greatly accelerates this process.the public regarding participation in the pilot project. More people than expected responded to the initiative from the Shenzhen Municipal Government.
Recall that in mid-October, the city authoritiesheld a lottery to distribute 50,000 "red envelopes". As a result, 200 digital yuan were distributed among 2 million applicants with the opportunity to spend them in 3389 outlets.
This experiment became a pilot for realtesting the payment system with the involvement of the public. According to Changchun Mu, the experiment tested the operation of relatively simple CBDC functions for conducting payment transactions.
For further testing, the People's Bank of China selected large companies and government financial institutions.
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