China is a promising player in the global race for central bank digital currencies (CBDCs) and has conducted trials in several major cities such as Shenzhen and Shanghai.
According to information on the website of the capital government of Beijing, China, the city will issue a lottery in June, awarding a free e-wallet with 200 electronic yuan – eCNY ($31.34 USD). ) for the winner, another experiment with this coin.
“Red envelopes”, referring to the traditional cash prize distribution, will be distributed to 200,000 winners and they will have to download an app to use the prize for purchases at designated locations. in the city. Those who want to buy lottery tickets can register from 6/6. The winner will be announced a few days later and will have to spend the prize money by June 20. China is a promising player in the global race for central bank digital currencies (CBDCs) and has conducted trials in several major cities such as Shenzhen and Shanghai. The trial in Shenzhen in January awarded a reward of 20 million yuan. The People’s Bank of China (PboC) aims to be the first major central bank to issue an eCNY, part of an effort to internationalize the yuan and reduce its dependence on the global banking system without USD prevails. eCNY may also weaken Ant Group’s Alipay and Tencent’s WeChat Pay in payment systems.
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