The government of China has planned to carry out its second large-scale test of its CBDC (Central Bank Digital Currency) in Beijing to assess its population’s readiness of digital Yuan. As per this test, the government has planned a massive giveaway for the upcoming Dragon Boat Festival. Beijing has announced that they have planned to give away 40 million Renminbi (worth around US$6.2 million) in the lottery event.
The notice details that residents can use two mobile banking apps for registering for the scheduled Dragon Boat Festival. The registration for the test will take place from June 5, 2021 to June 7, 2021. The names and ID numbers of the participants have to be provided during the registration process. There will be 200,000 winners of the lottery and the announcement will be done on June 11, 2021.
Each of the 200,000 selected winners of the lottery will be given a red envelope containing 200 digital Yuan. These winners can cash in on their winnings in different merchant outlets throughout Beijing by June 20, 2021. Similar public tests were done by China previously. 40.2 million digital Yuan were given away by the government in Chengdu city in February. Similar giveaways of digital Yuan were conducted in Shenzhen and Shanghai too.
To expedite the distribution of CBDC, People’s Bank of China (PBoC) has conducted joint action with massive financial institutions like Ant Financial. The deputy governor of the People’s Bank of China, Li Bo, has already said that he is expecting successful integration of digital Renminbi in the Winter Olympics 2022.
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