The third round of CBDC testing pilot project was launched in Shenzhen, China. According to a press release dated January 20, a lottery will be held among the townspeople, the winners of which will receive DCEP - digital yuan
The lottery is scheduled for January 26 and will be held for residents of Longhua District. One hundred thousand winners will be determined by drawing lots. Each of them will receive a 200 Yuan ($ 31 USD) holiday gift in DCEP.
The main goal of the event is to encourage the adoption of the new asset of the People's Bank of China, the secondary one is as part of the measures to combat the COVID-19 epidemic. The total amount that the national regulator will allocate for the lottery is 20 million yuan ($ 3.1 million).
Lottery participants must meet several requirements. Must have social security and stay in Shenzhen during Chinese New Year. This condition is slightly different from the requirements for the other two rounds (October 2020 and January 2021).
You can use the received yuan from authorized sellers from February 1 to February 9. There are already more than 35,000 registered sellers, so spending is not difficult. True, you will need to spend digital yuan personally. The organizers did not provide for the transfer of the winnings to third parties.
This is not much of a problem. According to data from other pilot projects, such as the one in Suzhou last year, virtually all of the winners have used their winnings to the advantage of enriching local small businesses. The press reported a record volume of transactions using digital yuan.