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China is giving away digital yuan worth $6.2 million in a Beijing lottery as it tests out its CBDC, reports say

16 days ago   |   By Business Insider

Summary List Placement China is handing out free "red packets" of its digital yuan, worth a total of $6.2 million, in a Beijing lottery designed to test the central bank digital currency, according to reports.
Residents in China's capital city can apply to win one of the 200,000 packets, which each contain 200 digital yuan , Reuters reported. The digital cash, delivered via apps, can be spent at selected local retailers. The e-wallet is inspired by the Chinese tradition of giving red envelopes of money at milestone events or celebrations.
The lottery is part of the People's Bank of China's...
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