China to Hold Beijing Lottery for CBDC Trial

The lottery will award 200,000 winners about $31 in digital yuan.

Jun 2, 2021 at 8:10 a.m. UTC
Updated Sep 14, 2021 at 1:04 p.m. UTC

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.
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