China to Giveaway 20 Million Digital Yuan in Third Shenzhen Resident Giveaway

In the upcoming digital yuan lottery, China plans to give each of the participants of the lottery 200 digital yuan. This is not the first test of the digital yuan that China is conducting. 

This time, the Central bank will conduct a public lottery to re-test the digital yuan and about 20 million digital yuan which equals to over $3 million will be up for grabs through the public lottery/ trial.  

As stated above, this is neither the first nor second time that China will be holding a public lottery cum giveaway to be able to understand the public’s response to the digital yuan. 

This is in fact the third time that this virtual yuan trial will hold in the city of Shenzhen.  A previous round of giveaway happened sometimes last December, 2020 and several residents of Shenzhen won the virtual CBDC.

See Also: The Chinese Agricultural Bank Test-Runs the Digital Yuan at ATMs

XinhuaNet, a local press reported that the lottery opened during the Spring festivities on Wednesday, 20th of January 2021 for resident businesses and employees in Shenzhen to register their names as participants in the give-away. The Chinese authorities had opened the prior giveaways to every individual residing in Longhua Shenzhen.

Participants who end up winning the lottery will be mandated to download an App to utilize the digital yuan. The CBDC can now be exchanged for commodities at about 3500 stores that boast of the suitable POS tool in China.

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