Hangzhou to distribute 10 million digital yuan

Authorities in the Chinese city of Hangzhou will conduct a lottery-style airdrop of 10 million digital yuan worth $1.37 million, which can be used to pay for meals and beverages during the 19th Asian Games. local media report.

The lottery-style distribution will be held every five days on several delivery platforms.

Residents and visitors to the municipality will be able to receive up to three vouchers per day, which reimburse merchants in digital yuan for 20% to 30% of the cost of food after purchase.

Earlier in July, one of the country’s largest state-owned banks—the Bank of China—began test digital yuan payments via SIM-card connectivity.