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To stimulate its ongoing digital currency trials, the Chinese government is launching another digital yuan lottery. This time in the country’s capital city of Beijing.
The Beijing Local Financial Supervision and Administration officially announced on Tuesday that 40 million digital yuan ($6.2 million) will be distributed to Beijing residents as part of a new digital currency pilot.
Beijing residents will need to apply to participate in the lottery before midnight on June 7. Winners will only be able to spend their prizes by June 20. Users can also choose to top up their wallets if they want to spend some extra money.
The next phase in its trialing that is nearing completion, will feature “red envelopes”, a traditional way of gifting money. Each “envelope” will contain a free online wallet containing 200 digital yuan ($31). There will be 200,000 envelopes being distributed. Consequently, the lucky winners will have to download an application to be able to use their prizes at nearly 2,000 designated merchants in the city. Two banking apps are being used: China’s Mobile Banking App and ICBC Mobile Banking app.
The government has already done similar giveaways in the past. These giveaways are all part of the People’s Bank of China (PBoC) trials of the country’s digital currency after they commenced in April of last year.
Reportedly, the PBoC has already spent as much as 150 million digital yuan ($23.5 million) in order to promote digital currency.
China’s trial seems to be on schedule for the implementation of the digital yuan during the Beijing Winter Olympics of 2022 in less than a year from now.