Today In Payments Around The World: China Tests Digital Yuan With Lottery Giveaway; UK Mulls Creation Of New Regulatory Unit

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In today’s top payments news around the world, China’s central bank is issuing $1.5 million of digital currency to 50,000 people chosen by lottery, while a U.K. watchdog proposed that the nation considers creating a new regulatory unit. Plus, European Union (EU) regulators are drawing a list of large internet companies to be targeted with more stringent regulations.

China Trials Digital Yuan by Giving Away $1.5M

The central bank of China is issuing $1.5 million of digital currency to 50,000 individuals selected by lottery in the nation’s first experimental run of a cashless payments infrastructure. Almost two million individuals applied to the Shenzhen lottery. Winners were randomly selected, and they will get a digital red packet that can be downloaded via the official Renminbi app. Funds can be utilized Oct. 12-18 at over 3,000 designated stores in the Luohu shopping area.

UK Weighs New Regulatory Unit to Police Tech Firms

The U.K.’s leading antitrust watchdog suggested that the nation consider establishing a new regulatory unit that would need to approve any dominant tech firm’s acquisition in the nation. Competition and Markets Authority (CMA) Chief Executive Andrea Coscelli noted in a speech delivered virtually at a digital university event that a year-long examination found Facebook and Google to have huge advertising market power in England.

EU Puts Up to 20 Firms on Regulatory Hit List

Regulators in the European Union (EU) are drawing a list of as many 20 big web firms that will be targeted with far more stringent regulations in the future to restrict their market power. Large platforms on the list will have to contend with stricter rules in contrast to small firms, with new regulations forcing them to share information and provide transparency into how they collect data.

US Looks to Loosen Restraints on NY-London Travel

American officials are seeking to open up travel between London and New York by the holidays as additional coronavirus tests become available. The proposal reportedly includes shorter quarantine timeframes. Travelers would have to get tested for the virus before their journeys and then again when they arrive. According to one anonymous official quoted in the media, the concept aims to “safely encourage trans-Atlantic travel while mitigating public health risks.”

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