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China to airdrop 10 million RMB tokens

China to airdrop 10 million RMB tokens
CONTENT

  • Shenzhen begins testing the digital yuan among the population

  • Draw winners will only receive up to $ 30

  • Earlier, the Chinese authorities tightened control over the circulation of money, as well as raided cryptocurrency OTC markets.

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Shenzhen authorities are going to give away about 10 million digital yuan tokens for 50 thousand people as part of the digitalization of the economy 

China to airdrop 10 million RMB tokens

China’s national digital currency is gaining momentum. The authorities of Shenzhen, China, have decided to hold a 50,000 lottery, which will draw 10 million digital yuan, according to the Internet portal Sina.com. The draw is expected to contribute to the development of the Great Gulf region, an area of ​​accelerated economic and innovative development in southern China, in the Pearl River Delta.

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Registration for the draw will last until October 11, and winners will be able to receive up to 200 digital yuan (about $ 29.8 at the time of writing). Support for digital yuan has already been implemented in 3389 stores, the newspaper notes. The draw itself will take place on October 12 at 18:00 local time.

The drawing is correlated with the intention of the People’s Bank of China to issue a central bank digital currency (CBDC) Bills and coins may be a thing of the past due to a new financial instrument, central bank digital currency (CBDC). As … More) nationwide. State commercial banks are already actively conducting internal testing of a wallet application for a future digital currency.

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As previously reported by the editorial staff of BeInCrypto, employees of state-owned banks in several cities of the PRC, including Shenzhen, have long been conducting internal testing of the application for transferring funds and making payments..

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For a seamless launch of the digital yuan, the Chinese authorities even raided over-the-counter cryptocurrency markets. In early June, many owners of cryptocurrencies, as well as the manager of the Bixin cryptocurrency wallet San Shiaoshiao, began to complain on the Chinese microblogging service Weibo about the blocking of bank accounts initiated by the police of the Chinese province of Guangdong.

In addition, the Chinese central bank planned to test the digital yuan The Chinese financial regulator has been working on creating a digital asset for several years. During this time, a large number of … More on the largest Chinese platform for wholesale and delivery of products Meituan Dianping, as well as on the Chinese counterpart of Uber called Didi Chuxing.

China to airdrop 10 million RMB tokens

Whether the Central Bank of China conducted testing at the above sites remains unknown.

Along with preparations for the launch of the CBDC, the Chinese authorities are tightening financial control over the circulation of traditional funds. Starting in July, financial institutions in Hebei province have been tracking any cash transactions over 100,000 yuan (~ $ 14,100) and reporting them to the country’s central bank. Cash turnover will also tighten in Zhejiang province and Shenzhen city.

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