Beijing, China will be distributing $6 million in digital yuan (officially called the “digital money”) in a lottery in a move to “reduce its reliance on cash and promote the digital yuan as an alternative currency.”
The Internet in China is experiencing a wave of innovation and a revolution of sorts, and it is also showing signs of becoming an emerging hub in the world of digital currencies. The country is home to the world’s largest population ever, and at the same time, it is also home to a large number of young people who are tech savvy. Beijing is hoping to stimulate development of the technology in the country, and a new initiative is about to be launched that will see several billion red packets of money sent to individuals and organizations in the city to help boost the development of blockchain, Internet, and mobile phone technology.
Beijing has started a lottery to disperse a total of $6m USD in digital yuan (the Chinese unit of currency) in a red enveloped lottery. The lottery is held once per year and the first draw will be held on the 17th of January 2017. The winner of the lottery will collect the $6 million USD and then they will receive 10,000 digital yuan. The organiser of the lottery is Beijing’s Tech Startup Center and the winner will join the lottery winner list.China’s central bank’s (CBDC) digital currency continues to gain traction. The local Beijing Financial Supervision and Administration Bureau announced that 40 million digital yuan ($6.3 million) will be distributed to Chinese citizens.
Beijing and the Central Bank of China launch a digital lottery in RMB
The People’s Bank of China (PBoC) and the Beijing Local Financial Supervision and Administration Bureau have announced a new digital yuan test for residents. Bitcoin.com News has reported in the past on China’s CBDC’s latest red envelope test, when the central bank sent millions of digital yuan for testing. Beijing now plans to distribute $6.3 million worth of CBDC to citizens by handing out 200,000 digital red envelopes, each containing 200 digital yuan. As usual, residents can spend digital yuan at stores that accept CBDC, such as the popular marketplace Jd.com. Residents who want to receive a share of the red envelopes should register for the lottery through the Bank of China or Commercial Bank of China mobile apps. News of the launch of the digital yuan is getting closer as a number of companies, including Tencent, Alibaba, Ant, Mastercard and Jd.com, test China’s CBDC. The deadline for citizens to register for China’s latest red envelope test is the 7th. June. But despite the large number of aid companies and the recent proliferation of red envelopes, a recent report shows that Shenzhen residents are concerned about privacy issues. In addition, Shenzhen residents show little interest in CBDC, as they are concerned about supervision. The Chinese digital yuan smart card would have biometric features and a fingerprint reader. The PBoC also plans to introduce a digital yuan at the 2022 Winter Olympics. In addition to Beijing and Shenzhen, the digital yuan developed by the PBoC has also been tested in Changsha, Suzhou and Chengdu. What do you think about Beijing giving away $6.3 million in digital yuan? Let us know what you think in the comments below.
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2022 Winter Olympics, Alibaba, Ant, Beijing, CBDC, CBDC test, central bank, Changsha, Chengdu, China, Chinese, crypto assets, digital yuan, digital yuan test, e-CNY, economy, finance, JD.com, MasterCard, PBOC, red envelopes, Shenzhen, Tencent Photo credit: Shutterstock, Pixabay, Wiki CommonsEarlier this week, the city of Beijing announced a plan to distribute cryptocurrency directly into the hands of the public. The plan is to use digital currency to reward lottery winners. The city’s lottery commission will be distributing a total of $6 million in digital currency. The winners will receive the equivalent of 6,550 yuan, or about $1,000 in Bitcoin.. Read more about who runs bitcoin and let us know what you think.
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