China continues to actively test its digital currency with regular lotteries and small free giveaways that can be spent at certain stores.
Last weekend, the Shanghai authorities sent out 350,000 “red packages”, each containing 55 digital yuan (about $ 9), for a total of about $ 3 million).
The Shanghai test confirms that China wants to attract more citizens to test the central bank’s new digital currency. According to The Block Crypto, China has more than doubled the total amount of funds it has given away in recent months. The total is now $ 39 million in six cities. As of February, that amount was $ 17 million in three cities.
Digital yuan is already being distributed in cities such as Shanghai, Beijing, Shenzhen, Suzhou, Chengdu and Changsha. As for Shanghai, it was the first city lottery, although it had previously participated in testing the digital yuan.
China began researching and developing the digital yuan in 2014 but has yet to announce an official launch date.