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Beijing to Distribute $6.3M in Digital Yuan to Its Citizens

Beijing to Distribute $6.3M in Digital Yuan to Its Citizens
  • PBoC and Beijing have announced a new digital yuan testing.
  • Beijing plans to distribute $6.3 million worth of digital yuan to its citizens via red envelopes.
  • The Deadline for citizens to register for the red envelopes is June 7.

People’s Bank of China (PBoC) and Beijing Local Financial Supervision and Administration Bureau have disclosed a new digital yuan test for its citizens.

As a result, Beijing aims to distribute more than $6.3 million worth of CBDC to every citizen. In particular, Beijing plans to allocate the $6.3 million digital yuan to the residents purposely for testing.

Also, by distributing the $6.3 million, Beijing will give about 200,000 digital red envelopes. However, each of the digital red envelopes contains 200 digital yuan. Any resident who wants to get a share of the red envelopes can enter a lottery system through the Bank of China.

Moreover, citizens can also visit the Commercial Bank of China’s mobile applications to get the red envelopes. Generally, once received, citizens can freely pay for goods and services using the digital yuan at any merchants accepting CBDC.

Based on the report, every citizen must register for the red envelope testing before June 7, 2021. Supportively, tech companies including Tencent, Alibaba, Ant, Mastercard, and Jd.com have been actively testing the CBDC of late. Nonetheless, regardless of how heavyweight companies are constantly testing the CBDC, Shenzhen residents are very interested in privacy. Furthermore, due to the surveillance concerns, the majority of Shenzhen residents are showing interest in the CBDC. 

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.