China to Hand out $6.2 M in new digital Yuan trial in Beijing

    The Chinese government is now going to launch an additional digital Yuan draw to stimulate its ongoing digital currency trials, but this time, it will be done in the capital of Beijing.

    The Local Financial Supervision and Administration of Beijing officially announced Tuesday that the government would distribute 40 million Yuan to Beijing residents as a part of the new digital currency pilot. From the starting of June, the program will attribute “red envelopes,” which is also a long-established way of offering money – with each that provides a free online wallet along with 200 digital Yuan. These red envelopes will now be distributed to more than 2,00,000 lottery winners, but it is essential for them to download a request for using their prizes, especially if they are merchants in the city. With the motive to register, consumers are now using two banking apps that include –

    • Well-known Mobile Banking App of China
    • Mostly used ICBC Mobile Banking App

    According to the announcement made, Beijing residents are now required to make a contribution to the lottery even before midnight, while the winners will benefit from spending their prizes by June 20. Users will now easily top up their wallets if they want to spend extra money, which has been noticed in the announcement made.

    The government has also carried out various digital Yuan giveaways in other cities that also includes Shenzhen. These lotteries are now going to provide help to the Bank of China for testing the digital currency after the Central bank has launched the first digital Yuan trial during April 2020.

    It has been reported that China has given away 150 million digital Yuan with the motive to promote digital currency that will be used as a part of the trials as of late March. The Central Bank of China is now looking for foreign athletes and visitors to make maximum use of digital Yuan during the upcoming 2022 Winter Olympics that will be organized in Beijing.

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