Kiffmeister’s #Fintech Daily Digest (12/06/2020)

China’s newest larger-scale digital yuan lottery to test offline P2P payment functionality

The city of Suzhou will give away 20 million DC/EP central bank digital currency (CBDC) via lottery, which is similar to the first one conducted in Shenzhen. However, for this pilot some of the 100,000 lottery winners (up to 1,000) will be slected to test an offline payment feature based on near-field wireless technologies. These DC/EP wallets will be capable of sending transactions between two smartphones or hardware devices even without an internet connection. 

“The Peoples Bank of China (PBOC) Digital Currency Research Institute was granted a patent for ” a method and system of using digital currency chip cards to complete offline transactions” in October. The authorized patent details how the invention relies on either Near Field Communications or Bluetooth to initiate offline transactions. However, once a party that receives the offline transaction is connected to the internet, it will sync up with the central bank’s private ledger and provide the transaction information.”

Coinbase to Support Airdrop That Gives All XRP Holders Free Crypto

Coinbase will support FlareNetworks’ Spark airdrop. Customers in approved jurisdictions who hold XRP in their accounts on the snapshot date of December 12 will qualify to receive Spark tokens. However, Coinbase cannot guarantee when or if Spark will be available for distribution in any specific jurisdiction until it completes “significant” technical and compliance review. Other exchanges supporting the airdrop include Kraken, Binance, Bitfinex, Bithumb, Bittrex, eToro, Huobi, OKEx and Poloniex.