Cryptocurrency News

China to hand over $6.2M in new digital yuan trial in Beijing

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

Beijing local financial supervision and administration officially announced on Tuesday that the government will distribute 40 million digital yuan ($6.2 million) to residents of Beijing as part of a new digital currency pilot.

Starting in June, the program includes “red envelopes” – a traditional way of giving money, which each offers a free online wallet containing 200 digital yuan ($31). These red envelopes will be distributed to 200,000 lottery winners, who must download an application to access their prizes at approximately 2,000 designated merchants in the city. To register, consumers can use two banking apps: the China Mobile Banking App and the ICBC Mobile Banking App.

According to the announcement, residents of Beijing must apply to participate in the lottery by midnight on June 7, while winners will be able to spend their prizes until June 20. Users will be able to top up their wallet if they want to spend something extra. Money, Declaration Note.

government has done multiple digital yuan giveaway In other cities including shenzhen. These lotteries aim to help the People’s Bank of China test the country’s digital currency Central bank launches first digital yuan trial in April 2020.

China has reportedly given Up to 150 million digital yuan ($23.5 million) to promote the use of the digital currency as part of the trial by the end of March.

As previously reported, China’s central bank wants to allow foreign athletes and visitors to access Digital Yuan during the Beijing Winter Olympics in 2022.