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China to Hold Beijing Lottery for CBDC Trial
The lottery will award 200,000 winners about $31 in digital yuan.
Updated Sep 14, 2021, 1:04 p.m. Published Jun 2, 2021, 8:10 a.m.
China will hold a third lottery to trial its central bank digital currency (CBDC), giving out free wallets containing a total of over $6 million in digital yuan.
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- The lottery will take place in Beijing this month, making it the third city to trial the CBDC, known as eCNY.
- There will be 200,000 winners, each given 200 digital yuan ($31), Reuters reported Wednesday.
- The winners will need to download an app to receive and spend their winnings at designated retailers around the city.
- Beijing residents have until June 6 to enter, with winners to be announced a few days later.
- This trial follows similar lotteries in Shenzhen and Suzhou in recent months as the country steps up development of what would be the world's first CBDC by a major economy.
Read more: China’s CBDC Could Give Beijing ‘Leeway for Economic Retaliation,’ Says National Security Expert
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