Beijing’s Local Bureau of Financial Supervision and Administration revealed that as China’s central bank digital currency (CBDC) continues to gain more ground, 40 million worth of the country’s digital yuan ($6.3 million) will be distributed to Chinese citizens. .
Beijing and China’s Central Bank Launch Digital Yuan Lottery
People’s Bank of China (PBOC) and Beijing Local Bureau of Financial Supervision and Administration. announced A new digital yuan test for local residents. bitcoin.com is news Reported On China’s previous CBDC red envelope test, as the central bank disbursed millions in digital yuan for testing.
Now Beijing plans to distribute $6.3 million worth of CBDC to citizens by offering 200,000 digital red envelopes with 200 digital yuan. As always, residents can spend the digital yuan at merchants that accept CBDCs, like the popular marketplace Jd.com. Residents who wish to receive some red envelopes must enter the lottery system through the mobile application of Bank of China or Commercial Bank of China.
News of the digital yuan launch gets closer and closer as myriad companies such as Tencent, Alibaba, Ant, Mastercard and Jd.com continue to test China’s CBDC. The deadline for citizens to register for China’s latest red envelope test is June 7.
However, despite the number of large companies helping out and the eventual red envelope distribution, recently report note Shenzhen residents are concerned about privacy. Furthermore, the citizens of Shenzhen are showing little interest in CBDCs due to surveillance concerns.
China’s digital yuan will be a smart card Allegedly Biometrics and fingerprint scanning facility. PBoC also plans to scatter the digital yuan at the 2022 Winter Olympics. In addition to Beijing and Shenzhen, the digital yuan developed by PBoC has also been tested in Changsha, Suzhou and Chengdu.
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