China has been working on a digital yuan for a couple of years now, and will soon distribute $ 6.2 million to its residents in the form of such a digital currency.
The distribution will take place in a lottery format. Anyone can apply using one of two smartphone banking apps. The payoff for everyone will be the same – 200 digital yuan, which now equals about $ 31. Money can only be spent in certain stores. Registration will last until June 7th. Participation is free.
The initiative is one of the stages of testing the digital yuan. Next year, China plans to even allow foreign visitors to the Winter Olympics to use the digital yuan.