Chinese Authorities for the First Time Will Distribute Digital Yuan to the Population
OREANDA-NEWS. The authorities of the Chinese city of Shenzhen will conduct a pilot programme, under which 10 million yuan (about 1.5 million US dollars) will be distributed during the testing of the People’s Bank of China crypto currency.
According to the newspaper Sina Finance, the project will be financed by the Luohu District administration. 10 million yuan will be distributed in a lottery with 50 thousand winners. The registration process is open from October 9 to 11.
Winners will be able to activate a wallet registered at China Construction Bank, Bank of China, Industrial and Commercial Bank, or Agricultural Bank with 200 digital yuan (about 30 dollars). Money can be spent from October 12 to 18 at 3,389 participating outlets. Crypto currency received in this way cannot be transferred to another person or withdrawn to a bank account. Unspent funds will be written off after October 18.