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- To promote and create awareness for the Digital Yuan, Chinese authorities are distributing $1.49 million as a lottery
- Around 2 million people had applied for the lottery, and 50,000 won
- What started as a Digital Yuan trial project has now more than 1.31 million transactions valued at more than $162 million.
From the start, China has been pretty aggressive when it comes to the development of the Central Bank Digital Currency (CBDC), Digital Yaun. When most countries in the world hadn’t considered the possibility of CBDC, China was already in the developing phase. And now, when the countries start their planning and development, China has started its testing phase.
To promote and create awareness for the Digital Yuan, Chinese authorities are distributing $1.49 million as a lottery. This experiment started in Shenzhen and has gained tremendous popularity among the locals. As per the local news websites, around 2 million people had applied for the lottery, and 50,000 won.
What did People Win in the Chinese Lottery for Digital Currency?
Fifty thousand lottery winners were randomly selected by the authorities and received a ‘red packet.’ The worth of this red packet was evaluated at $30. 3,800 designated outlets around the Luohu district were set up where the winners can spend the lottery amount. For availing the prize money, participants must download the Renminbi app, the official app for the current lottery trial. However, the app is yet to be made public for the winners and can be expected to be public by the next week.
The South China Technology hub of Shenzhen district is the biggest hub for technological development. Tech giants like Huawei and Tencent are part of the hub, which is another reason for starting the Digital Yen trail in that particular district. What started as a Digital Yuan trial project has now more than 1.31 million transactions valued at more than $162 million.
When did the Trial Start?
The trail adoption of the Digital Yuan began in April in several cities of China. Shenzhen was the first of the few to approach the lottery for the promotion of it. Adopting the local monetary system, public servants’ salaries and other public uses were also adopted. The Digital Yuan is part of the government’s aim of creating a cashless society. The People’s Bank of China backs the current digital currency. The government aims to create a system where the nation’s digital currency has easier monitoring than the fiat or the cryptocurrencies.
Barcode scanners and facial recognition systems were used for the transactions among the Digital Yuan users, as told by the Deputy Governor of People’s Bank of China, Fan Yifei.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
