A number of cities across China are launching end-of-year digital yuan giveaways with the aim of promoting the widespread adoption of the new form of digital currency. The cities of Shenzhen, Suzhou, Xiongan, and Chengdu have all kicked off their respective digital yuan lottery campaigns, with the aim of giving away a total of around 10 million digital yuan to lucky citizens. The funds will be distributed over the coming weeks, with the winners being selected through a random lottery process.
The digital yuan is a new form of virtual currency that is going through government-backed trials in some parts of China as part of the country’s wider efforts to become a pioneer in the digital currency space. While the digital yuan is similar to other cryptocurrencies such as Bitcoin, it is not decentralized, as it is fully controlled and managed by the People’s Bank of China. The aim behind these lottery giveaways is to introduce the new currency to the wider public and stimulate interest in using it, with the hope that it will eventually be adopted as a viable form of payment in China.
The Chinese government has reportedly spent the last few years investing substantial resources in order to develop its own digital currency, and is now in the trial phase ahead of launching the digital yuan on a nationwide basis. With end-of-year lottery giveaways, the government is aiming to make this transition smoother by slowly introducing the new digital currency to the public. If the initiatives are successful, it could significantly aid China in becoming the first nation to fully adopt a digital currency at the federal level.
