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China now to hold another lottery for its digital yuan

Beijing is going to hold a lottery in June that will reward 200,000 people 200 in digital yuan, approximately 31 US dollars
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Beijing is going to hold a lottery in June that will reward 200,000 people in China 200 in digital yuan, approximately 31 US dollars.

The government in China stated on Wednesday that is about to hold the third lottery for the Central Bank Digital Currency pilot. Free online wallets containing $6 million in digital yuan will be offered to winners.

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The lottery will be taking place in Beijing. This is the third city to test the CBDC, also known as eCNY. Users will be able to use the rewards for purchases at designated merchants all around the capital by downloading an application.

The residents of Beijing will have time until June 6 to sign up and join the lottery. Those who will be selected will receive a notification in a few days. The winners will get the amount of digital yuan through their app and must spend it by June 21.

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China is maybe the most advanced nation in the global race to implement a Central Bank Digital Currency. The country has already held other trials in major cities like Shanghai, Suzhou, and Shenzhen.

The lottery held in Shenzhen officially started in January 2021 giving them the opportunity to win 20 million digital yuan, which are worth over 3 million US dollars. 100,000 red envelopes were distributed, and the currency could be spent at more than 10,000 merchants.

The news comes after Deputy Premier Liu He hosted a meeting of the State Council’s Financial Stability and Development Committee. He proposed a “crackdown on Bitcoin mining and trading activity” to “resolutely prevent the transmission of individual risks to society.”

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