China to Hold Second Lottery Trial of the Digital Yuan

The numbers come following the Suzhou municipal government giving away roughly $3 million in a digital yuan lottery for residents. People in China have conducted roughly 20,000 transactions through e-commerce company JD.com in a trial of the country’s digital yuan.According to local media outlet Global Times, JD.com reported that 80% of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency starting on Friday evening, with at least one transaction larger than $1,527. The e-commerce site also reported the numbers as the city of Suzhou....

Didi, Meituan and Bilibili are reportedly taking part in the latest test of the digital yuan, allowing lottery winners to spend the digital currency online.

As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. Lottery Winners to Get 350,000 Digital Red Envelopes The city of Shanghai is going to hand out 19.25 million yuan in digital currency, or around $3 million. The money will be distributed among local consumers through a lottery system, the state-run Xinhua news agency reported quoting the....

Beijing residents should apply to participate in the lottery until midnight on June 7. The Chinese government is launching another digital yuan lottery to stimulate its ongoing digital currency trials, this time in the capital of Beijing.The Beijing Local Financial Supervision and Administration officially announced Tuesday that the government will distribute 40 million digital yuan ($6.2 million) to Beijing residents as part of a new digital currency pilot.Starting in June, the program features “red envelopes” — a traditional way of gifting money, with each providing a free online wallet....

After years of rumors and leaks on Chinese social media, Shenzhen residents became the first in the country to trial the digital yuan. Distribution of funds took place via a lottery-style promotion with 50,000 “red packets,” each worth 200 yuan ($30), up for grabs. Chinese citizens living in Shenzhen registered their interest via the local […]