Over the weekend, it was confirmed that Beijing is the third city to host a mass digital yuan lottery and trial. It will provide 200 yuan ($31) to 50,000 people for a total of RMB 10 million ($1.55 million). The central bank digital currency (CBDC) trial is intended to coincide with the one year count down to next year’s Winter Olympics hosted in the city.
Applications are already open, and the money can be spent from February 10-17. Physical merchants support the eCNY in the Wangfujing district and it can be used on the ecommerce app JD.com which has a special “Digital Wangfujing Ice and Snow Shopping Festival”.
The aim is to use the digital RMB for the Winter Olympics food, housing, travel, shopping, and entertainment.
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