December 5, 2022

Shanghai authorities will hold a new distribution of digital yuan

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Shanghai authorities will hold a new distribution of digital yuan

The state cryptocurrency of China will be distributed in digital "red envelopes". The authorities are waiting for applications from residents of the metropolis about their desire to participate in the drawing until November 24.

Shanghai authorities are going to distribute digital yuan to 7 million citizens at the end of the week. Each envelope will contain a symbolic amount of 108 digital yuan (about $15).

Recently, the People's Bank of China (PBOC) changed the conditionsdistribution of the digital yuan to citizens of the PRC. To speed up the implementation of the CBDC, Shanghai residents were invited to install a digital yuan wallet on their mobile devices to participate in the draw.

China's state digital currency is not yetlaunched throughout the country and is being tested in Beijing and several other financial centers of the country. Unlike events held by the central bank in conjunction with e-commerce platforms such as, citizens will be free to spend their digital yuan wherever they want.

Recently, online shopping, retailmerchants, catering establishments, entertainment centers and travel companies are teaming up with the NBK to implement the digital currency of the Central Bank. Along with the Chinese, several international companies operating in Shanghai, such as McDonald's, Starbucks, Disney and Carrefour hypermarket, will take part in the draw.

Last month, Macau, China's special administrative region where the casino industry is concentrated, announced that it would grant legal tender status to the digital yuan.