icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

China to hand out over $6 MILLION in another digital yuan lottery

China to hand out over $6 MILLION in another digital yuan lottery
The Beijing Local Financial Supervision and Administration Bureau has officially announced that some 40 million digital yuan ($6.2 million) will be distributed to the city’s residents as part of a new digital currency trial.

Starting this month, a total of 200,000 digital red envelopes, each containing 200 digital yuan ($31), will be given to lottery winners in the digital renminbi test program, said the bureau. Red envelopes are a traditional way of gifting money in China.

Beijing residents can sign up for the lottery through the mobile applications of the People’s Bank of China (PBOC), as well as the Industrial and Commercial Bank of China, until midnight on June 7. The winners will be able to spend their prizes by June 20.

Also on rt.com Digital yuan not designed to displace US dollar, says former head of China’s Central Bank

The Chinese government has already carried out multiple e-yuan giveaways as part of its digital currency tests and plans to expand the pilot program in the future.

Last year, the PBOC revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. It said that the new currency, which doesn’t have an official name but is known by its internal shorthand DCEP – or Digital Currency Electronic Payment – will share some features with cryptocurrencies. The e-yuan is projected to replace cash in circulation, while China plans to become the first major economy to test a digital currency on a national level.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts