In June, the Beijing authorities will give away 40 million digital yuan
In June, the Beijing authorities are holding a lottery among the citizens, distributing 40 million yuan, equivalent to $6.26 million, among the lucky 200,000. Each of them will receive a “red envelope” with 200 digital yuan, equal to $31.34.
CBDC testing in China is in full swing, gradually approaching its final stage. If earlier the number of those who checked the project for viability was estimated at a maximum of tens of thousands, now it has turned into hundreds of thousands.
To check the system, two large banks are used Bank of China, as well as Industrial and Commercial Bank of China, registration in which is required to join in the drawing. Local residents can do this until June 7. The winners will be announced a couple of days later, and they will be obliged to spend the received tokens until June 20, using the mobile application of one of the banks mentioned above.
This is not the first lottery held by the local authorities. The previous "giveaway" of tokens in the amount of 10 million digital yuan, equal to $1.5 million, took place back in early February this year. Then the government distributed the amount among the 50,000 winners in the drawing. A little earlier, in the fall of 2020, a massive CBDC test also took place in the country's "technology capital" the city of Shenzhen.
Beijing has said it intends to complete all necessary tests ahead of the 2022 China Winter Olympics. As part of the preparations, the Beijing leadership has unveiled special ATMs that will issue digital tokens to all visitors who are not Chinese citizens.
So far, the country is significantly ahead of its counterparts from central banks around the world, confidently moving towards the introduction of the digital yuan.