China hands out $1.5 million of its digital currency in one of the country’s biggest public tests

A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.

A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.Jie Zhao | Corbis News | Getty Images

GUANGZHOU, China — China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future.

Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency. Nearly 2 million people applied and 50,000 people actually won.

The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen. The south China technology hub is home to some of the country’s biggest tech giants including Huawei and Tencent.

READ MORE HERE: https://www.cnbc.com/2020/10/12/china-digital-currency-trial-over-1-million-handed-out-in-lottery.html

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