As of October 9, around 50,000 Chinese citizens will be able to go shopping with digital yuan.
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- The People’s Bank of China has been developing a sovereign digital currency since last year.
The People’s Bank of China launched the $ 1.5 million free distribution pilot program as part of the trials with digital yuan, Sina Finance reported.
The Shenzhen City Cyberspace Administration organized a lottery among 50,000 randomly selected people to distribute 10 million e-yuan ($ 1.5 million). Winners will have access to a 200 yuan ($ 30) digital currency pouch to be used at any of 3,389 authorized outlets between October 12 and 18.
The cryptocurrency cannot be transferred to another person’s account or converted into cash. Unspent funds will be withdrawn from pockets after October 18th.
The People’s Bank of China has been developing a sovereign digital currency since last year. But it’s not the only one: the world’s seven major central banks – including the Federal Reserve – and the Bank for International Settlements are considering the option of issuing their own digital currency that coexists with cash.