China distributes $ 6.2 million for new digital yuan process in Beijing

The Chinese government is launching another digital yuan lottery to boost its ongoing attempts at digital currency, this time in the capital, Beijing.

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

From June, The program features “red envelopes,” a traditional way of giving money, and each features a free online wallet of 200 digital yuan ($ 31). These red envelopes will be distributed to 200,000 lottery winners who will need to download an app to use their prizes at nearly 2,000 specific retailers across the city. Consumers can use two banking apps to register: the China Mobile Banking app and the ICBC Mobile Banking app.

China distributes $ 6.2 million for new digital yuan process in Beijing
China distributes $ 6.2 million for new digital yuan process in Beijing

According to the announcement, Beijing residents must apply to participate in the lottery before midnight on June 7, while winners can redeem their prizes before June 20. Users can top up their wallets when they want to spend a little more money, the ad says.

The government has hosted several digital yuan giveaways in other cities, including Shenzhen. These lotteries are set to help the People’s Bank of China test the country’s digital currency after the central bank released the first tests of the digital yuan in April 2020.

According to reports, China donated up to 150 million digital yuan ($ 23.5 million) to encourage the use of digital currencies as part of the tests conducted in late March.

As previously reported, China’s central bank plans to enable foreign athletes and visitors to use the digital yuan during the 2022 Olympic Winter Games in Beijing.

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