China held a raffle for the national cryptocurrency, which it calls the digital yuan. With the participation of two million people, 50 thousand people won two hundred digital yuan in the lottery held on Sunday.
China announced that it will distribute digital yuan with a draw last week after it started trials for the digital currency it has been working on for a while. Two million Chinese citizens were registered for the raffle held in the city of Shenzhen on Sunday.
10 Million Digital Yuan Reached Owners
Red envelopes, a traditional Chinese method, were used for the digital yuan that were delivered to the winners of the lottery last Monday. A total of 10 million digital yuan distributed in the draw corresponds to US $ 1.48 million.
While it was announced that the winners should create an e-wallet through the Digital Reminbi Application in order to receive their digital money, it was stated that the transfer of digital currencies to someone else or to another person is not allowed. The winners will be able to use their digital money in more than 3 thousand stores.
Countdown has begun in digital currency
The Central Bank of China (PBoC), which has been working on blockchain and digital money for a while, has done a kind of test with the digital money withdrawal organized at the weekend. With the draw held in Shenzhen as a pilot city, it was planned to encourage the public to use digital money, and how the electronic payment system works was also tested.
While the ongoing economic competition between the USA and China in recent years has forced both countries to economic breakthroughs, China’s digital currency efforts took place in the face of the USA’s biggest coin printing of all time. In a report released by AsiaOne, it was stated that the digital currency test conducted by China could have the potential to eliminate the role of the US dollar as the dominant global currency.