China to Distribute $3M in Digital Yuan in Suzhou
Main page News, China, CBDC

The Chinese government will distribute 20 million digital yuan (approximately $3 million) in Suzhou. According to an official announcement, the Suzhou government will distribute the digital currency also known as Digital Renminbi (RMB) through a lottery only for Suzhou's residents. Each winner will receive up to 200 digital yuan (~$30).

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It is planned that the results will be announced on December 11, 2020.

The winners can spend the digital currency between December 11 and December 27 at local stores that support the Chinese central bank digital currency or on e-commerce giant Winners can also use digital yuan to make offline purchases at designated merchants in Suzhou.

US Intelligence Raises Concerns Over China's Dominance on Crypto Market

China is persistently continuing its public experiments of digital yuan. In October 2020, the Shenzhen's government distributed 10 million digital RMBs to 50,000 residents of the Luohu district through the so-called "red envelopes." The participants received 200 RMBs and spent 8 million RMBs just in one week.

In November 2020, Chinese President Xi Jinping said during the G20 summit that the rapid development of digitization of international economies must be regulated in accordance with unified standards for central bank digital currencies.

Xi Jinping believes countries need to set "open and accommodating" principles for the development of central bank digital currencies.

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