Digital yuan airdrop drew nearly 2 million people

Authorities in the Chinese city of Shenzhen carried out the first distribution of the digital yuan to the public. Applications for one of the 50,000 “red envelopes” were submitted by 1,913,847 people, according to AsiaOne.

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The lottery winners received 200 yuan each (~$29.5), which must be spent at 3,389 locations by October 18. One of the lucky winners showed how the payment process works at a store.

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Much wow! A lucky guy who received 200 digital RMB got to use it to buy a drink in a convenience store. #CBDC #blockchain #China pic.twitter.com/vLVZ4Laxyq

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— 8BTCnews (@btcinchina) October 13, 2020

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This is the first time the People’s Bank of China has involved the public in testing the digital yuan. Previously, the regulator selected large companies and state banks for trials.

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As Primitive Ventures managing partner Dovey Wan stated, the transition to a digital yuan-based payment system would give the central bank even greater control over monetary policy.

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