Today China’s latest central bank digital currency (CBDC) pilot was announced in Chengdu. It is also the largest involving 200,000 people and a 40 million digital yuan ($6.2m) giveaway by the local government. According to Chengdu Commercial Daily, residents of Chengdu can apply for the free money via a lottery, and the digital cash can be used from March 3 to March 19.
In previous e-CNY lotteries, the amount given away per person was 200 renminbi ($31), but in this case, some people will randomly receive 178 yuan ($27) and others 238 yuan ($37).
In many other respects, the tests are substantially the same. The money can be used online at JD.com and at more than 10,000 bricks and mortar outlets, including supermarket chains, entertainment and specialty restaurants. One addition seems to be allowing the digital currency to be used at what is termed as ‘youth entrepreneurship bases’, which are a combination of startup up coworking spaces and accelerators.
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