China's central bank gives away digital yuan in Beijing

The People’s Bank of China has launched its first large-scale giveaway of the country’s central bank digital currency in Beijing. The bank distributed digital yuan worth $1.55 million to 50,000 participants in a ‘red envelope’ or good fortune lottery, according to a report in NFCW.

Lottery winners could use their digital currency e-wallet to make in-store purchases at participating merchants in the Chinese’s capital’s Wangfujing district or online in a digital Wangfujing Ice and Snow Shopping Festival held on site, China’s largest online retailer.

Beijing Local Financial Supervision and Administration described the trial as “a routine test in the digital RMB research and development process”. BLFSA also indicated that further tests and infrastructure projects to support the digital yuan will take place in the city in the months leading up to the 2022 Winter Olympics.