Fun

Beijing’s $1.5 Million Digital Yuan Giveaway: China to Airdrop Digital Currency for Chinese New Year

News Feed - 2021-02-09 09:02:50

Beijing"s $1.5 Million Digital Yuan Giveaway: China to Airdrop Digital Currency for Chinese New Year


China is giving away 10 million yuan in its central bank digital currency in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival. Beijing has become the third major city in China to test the central bank digital currency. 50,000 People to Receive Free Digital Yuan


China is actively testing its central bank digital currency (CBDC). Beijing is the next city to receive a digital yuan airdrop.


The Beijing municipal government announced over the weekend that it will hand out a total of 10 million yuan ($1.55 million) to 50,000 people in the city who register for the lottery giveaway using mobile phone apps. The results will be announced on Feb. 10. According to CNBC, recipients will be selected from a pool of applicants, who must have a Chinese ID number or a residence permit from Hong Kong, Macao, or Taiwan.


Each person will receive 200 yuan (about $30) in digital currency in the form of a red packet. The two previous test cities, Shenzhen and Suzhou, also distributed digital yuan to their residents this way.


Six banks are participating in the test: Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China.



From Feb. 10 to Feb. 17, during the Lunar New Year holiday, recipients can spend the central bank-issued digital currency at designated offline locations or on parts of the e-commerce site JD.com. Beijing is preparing for more pilot use of the country’s digital currency during the upcoming Winter Olympics in 2022.


What do you think about the digital yuan airdrop in Beijing? Let us know in the comments section below. Etoro’s Gooddollar Basic Income Initiative Aims to Fund 1 Million New Users With New Referral Program ALTCOINS | 19 hours ago Cardano Token Pips Dot Into Fifth Place After Price Surges by 85% —Elon Musk Endorsed Dogecoin Sets New All Time High ALTCOINS | 1 day ago Tags in this story beijing, beijing city, CBDC, china digital currency, chinese digital currency, Digital Currency, Digital Yuan, digital yuan airdrop, digital yuan giveaway, PBOC, Winter Olympics


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitwise enters European market with acquisition of ETC Group
Ana Paula Pereira7 hours agoBitwise enters European market with acquisition of ETC GroupThe acquisition adds nine European-listed crypto ETPs to Bitwise’s portfolio and raises its assets under management to over $4.5 b
France’s Le Maire Attacks Facebook’s ‘Political’ Ambitions With Libra
France’s economic and finance minister says Libra is “unacceptable,” calling it an intrusion into the state’s political sovereignty. Writing in a Financi
Ripple Launching Liquidity Hub Despite SEC Lawsuit Over XRP
Ripple Launching Liquidity Hub Despite SEC Lawsuit Over XRP Amid an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) over XRP, Ripple is launching a new produ
Massive $2,000,000 Prize Pool in the Biggest Ever Promotion Launched on Bitcoin Games
Massive $2,000,000 Prize Pool in the Biggest Ever Promotion Launched on Bitcoin GamesOne lucky spin can propel your bet into a 5,000X multiplier, churning out huge amounts of money.
Arijit SarkarOct 06, 2023THORSwap goes into ‘maintenance mode’ to counter illicit funds movementTHORSwap acknowledged the ongoing illicit use of the DEX and is acting to find a permanent solution to the misuse.2180 T
Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors
Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency schem
Best Presales to Invest in as Trump Ally Bill Ackman Calls for 90-Day Pause on US Tariffs
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Judith BannermanQuist3 hours agoCME Group set to introduce ETH to BTC Ratio futuresThe scheduled launch date for these futures contracts is set for July 31, pending regulatory review.1355 Total viewsListen to article 0:0
Tristan Greene4 hours agoNeon Machine raises $20M Series A for blockchain-based Call of Duty competitor ‘Shrapnel’The company claims a cast of employees whose collective entertainment industry resume contains titles
7 confusing crypto terms (almost) nobody understands
Robert D. Knight11 hours ago7 confusing crypto terms (almost) nobody understandsThe crypto world is full of technical terms, some of which are so difficult that almost no one understands them.3646 Total views17 Total sha
An In-Depth Look at Olympus DAO Protocol and the Not-So-Stable Stablecoin OHM
An In-Depth Look at Olympus DAO Protocol and the Not-So-Stable Stablecoin OHM In mid-October, Bitcoin.com News reported on how decentralized finance (defi) or algorithmic stablecoi
Airtm Winds Down Cryptocurrency Trading, Exchanges All Funds to Native Stablecoin
Airtm Winds Down Cryptocurrency Trading, Exchanges All Funds to Native Stablecoin Airtm, a Latam popular cryptocurrency exchange and wallet, has announced it is winding down crypto