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China will hand over $ 6.2 million in new digital yuan test in Beijing

The Chinese government is launching another digital yuan lottery to stimulate its ongoing digital currency testing, this time in the capital Beijing.

The Beijing Local Financial Administration and Supervision officially announced on Tuesday that the government will distribute 40 million digital yuan ($ 6.2 million) to Beijing residents as part of a new digital currency pilot.

Starting in June, the program features “red envelopes,” a traditional way to give away money, and each provides a free online wallet containing 200 digital yuan ($ 31). These red envelopes will be distributed to 200,000 lottery winners, who will have to download an app to use their prizes at nearly 2,000 designated shops in the city. To register, consumers can use two banking applications: the China mobile banking application and the ICBC mobile banking application.

According to the announcement, Beijing residents must apply to participate in the lottery by midnight on June 7, while winners will be able to spend their prizes before June 20. Users will be able to recharge their wallets if they want to spend a little more. money, the ad notes.

The government has conducted multiple digital yuan sweepstakes in other cities, including Shenzhen. These lotteries are intended to help the People’s Bank of China test the country’s digital currency after the central bank launched the first digital yuan tests in April 2020.

According to reports, China has donated up to 150 million digital yuan ($ 23.5 million) to promote the use of digital currency as part of tests conducted in late March.

As previously reported, China’s central bank is looking to allow foreign athletes and visitors to use the digital yuan during the 2022 Beijing Winter Olympics.

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