China to Organize Random Distribution of Digital Yuans
Main page News, China, Cryptocurrency
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Oct. 9, 2020

The Chinese authorities plan to organize a random distribution of digital yuans this month. Shenzhen's government will distribute 10 million digital yuan to 50,000 residents of the Luohu district through "red envelopes."

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The registration for this event will be open on October 9-11. In order to participate, users must provide information about their name, ID card and cell phone number. They can register a digital wallet at China Construction Bank, Bank of China, Industrial and Commercial Bank or Agricultural Bank of China.

Those participants receiving 200 RMBs (about $29.5) will be able to spend them between October 12 and 18 at 3,389 merchants. The list of participating merchants is available on the event website.

It has been previously reported that since the start of the tests, China's yuan-based digital payment system (DCEP) has processed 3.13 million transactions valued at 1.1 billion yuan (approximately $162M).

China plans to become the first country in the world to issue a CBDC and thus be able to fight with the dollar in the international scene.

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