The Beijing Local Financial Supervision and Administration Bureau has officially announced that some 40 million digital yuan ($6.2 million) will be distrib
Regulations continue to take center stage as miners argue for green energy powered operations, state run TV warns of fraud on Uniswap, and a former banking head claims digital yuan is needed to counter the private sector.
Beijing will hand out 40 million yuan (about 6.27 million U.S. dollars) in digital currency to consumers in the city through a lottery system, the Beijing Local Financial Supervision and Administration Bureau announced.
A total of 200,000 digital red envelopes, each containing 200 yuan of digital currency, will be given to lottery winners in the digital renminbi (RMB) pilot program, said the bureau.
Individual consumers in Beijing can sign up for the lottery through the mobile applications of Bank of China and Industrial and Commercial Bank of China between June 5 and 7.
Lottery winners will need to download the mobile application of the digital RMB to get the online wallets. They should spend the money at nearly 2,000 designated merchants in the city from 9 a.m. of June 11 through June 20, the bureau said.
Beijing’s financial authority has announced that 40 million yuan ($6.27 million) in digital yuan will be given away to local residents in a “regular test”, in the latest trial that analysts say could reflect political considerations by China’s policymakers to promote the virtual currency, given the trial’s large scale and location in the Chinese capital.