China to Hold Beijing Lottery for CBDC Trial

China will hold a third lottery to trial its central bank digital currency (CBDC), giving out free wallets containing a total of over $6 million in digital yuan.

The lottery will take place in Beijing this month, making it the third city to trial the CBDC, known as eCNY.
There will be 200,000 winners, each given 200 digital yuan ($31), Reuters reported Wednesday.
The winners will need to download an app to receive and spend their winnings at designated retailers around the city.
Beijing residents have until June 6 to enter, with winners to be announced a few days later.
This trial follows similar lotteries in Shenzhen and Suzhou in recent months as the country steps up development of what would be the world's first CBDC by a major economy.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Jamie Crawley

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

10 Years of Decentralizing the Future