Beijing to distribute over $6m in CBDC testing

In June, Beijing authorities will distribute central bank digital currency (CBDC) to the population. Lottery winners will receive “red envelopes” containing 200 digital yuan ($31.32).

In total, authorities will distribute 40 million yuan (~$6.26 million) among 200,000 lucky recipients. To participate in the draw, you must register through the Bank of China and Industrial and Commercial Bank of China mobile apps.

Registration will run until June 7, and winners will be announced within a few days. The funds must be spent by June 20.

The distribution is part of CBDC testing. For Beijing this is already the second lottery — in February the administration raffled 10 million digital yuan among residents.

China has conducted nine lottery campaigns in five cities. In October 2020, first mass testing of the digital yuan in Shenzhen, which was organized and already had three distributions. CBDC trials also involved Suzhou, Chengdu and Changsha.

As reported, Hong Kong authorities are negotiating with mainland China to expand CBDC testing in cross-border transactions.

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