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Beijing to distribute over $ 6 million digital yuan as part of testing

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Beijing to distribute over $ 6 million digital yuan as part of testing

In June, Beijing authorities will distribute the central bank digital currency (CBDC) to the public. Lottery winners will receive “red envelopes” with 200 digital yuan ($ 31.32).

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In total, the authorities will distribute 40 million yuan (~ $ 6.26 million) among the lucky 200,000. To participate in the drawing, you need to register through the Bank of China and Industrial and Commercial Bank of China mobile applications.

Registration will last until June 7, and the winners will be announced in a few days. The funds received must be spent by June 20.

The distribution takes place as part of the CBDC testing. For Beijing, this is the second lottery – in February, the administration raffled 10 million digital yuan among residents.

China has run nine lottery campaigns in five cities. In October 2020, the first mass testing of the digital yuan took place in Shenzhen, which has already organized three distributions. Suzhou, Chengdu, and Changsha also took part in the CBDC trials.

Recall that the Hong Kong authorities are negotiating with mainland China to expand testing of the digital yuan in cross-border transactions.

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