On October 12th, the People’s Bank of China (PBOC) issued 10-million-yuan worth of digital currency to 50,000 randomly selected residents who had applied to participate in the pilot test. The move is the latest in a series of trials testing out China's new Digital Currency Electronic Payment (DCEP). Those who were successful received digital "hong bao" worth about 200 yuan, which they could download and spend at more than 3,000 stores. The PBOC says it plans to launch DCEP later this year, although it is yet to set a date. The PBOC sees yuan digitalization as a means to internationalize the yuan and reduce China’s dependence on the global dollar payment system.