Chinese central bank to give away 10 million in digital currency
Tuesday, 10 13 2020, Category: Economy, Country: China
China's central bank will issue 10 million yuan ($2 million) of digital currency to 50,000 randomly selected consumers in what some see as the country's first public test of the digital yuan payment system.
The People's Bank of China's (PBOC) campaign comes as central banks worldwide race to issue digital currencies to modernise payments systems and fend off potential competition from privately issued cryptocurrencies.
Starting Friday (local time), any individuals in China's southern city of Shenzhen can apply to join the program through the country's big four banks. But only some will be awarded a 200-yuan "red envelope" via a lottery, according to the local Government and the lenders.
Anyone in Shenzhen can apply to join the lottery until Monday, while winners will be awarded the red envelope on October 12 after they download an app for the digital currency and register for a digital wallet.