Shenzhen to host third digital yuan testing

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The authorities of the Chinese city of Shenzhen announced a third “free lottery” for 20 million digital yuan as part of testing the state cryptocurrency.

According to local media reports, the event is being held in honor of the China Spring Festival. The lottery will be open to executives and employees of enterprises in the Longhua District, which funded the initiative.

Each lottery winner will receive 200 coins. Then they need to download a special app for digital yuan, which can be used to pay in 3,500 stores. Coins must be spent from February 1st to 9th.

Previous lotteries were open to all residents of Shenzhen City. The first testing of the digital currency of the People’s Bank of China (PBOC) was carried out in October – the city administration distributed 10 million digital yuan among 50,000 residents.

At the beginning of the year, Shenzhen underwent a re-testing, during which 100,000 residents received 20 million digital yuan. A similar test was carried out by the authorities of the Chinese city of Suzhou.

Earlier, the former governor of the NBK Zhou Xiaochuan said that the digital yuan will not replace conventional money and will not threaten the currencies of other countries. On the contrary, the digital yuan is aimed at the development of international trade.

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