China continues to promote the development of pilot tests with the Digital Yuan (RMB), which is why it will hold a new draw in the city of Shenzhen to distribute to 100,000 users “red packages” with 200 digital yuan (USD 31).
The red packets, according to the government publication, will be distributed through the government blockchain platform «i Shenzhen» for users who are registered.
The lucky winners will have exactly 10 days (from January 7 to 17) to buy in at least 10,000 authorized stores. To make use of the currency, they will only have to download the official Digital Yuan application on their smartphones and access it once they have received a message of the draw that accredits them as the winner.
The digital Yuan, approved by the Central Bank of China, has no release date yet. However, it is expected to be completed by 2022. If so, China could become the first country to launch a central bank digital currency (CBDC).