CDBCs are starting to take shape and one example of that is China which gives out $6.2 Million worth of Digital Yuan to Beijing residents. Cryptocurrencies are transforming the world and we are the witnesses!

Amidst central bank digital currency (CBDC) trials, China is giving out $6.2 million worth of its digital yuan to Beijing residents in a lottery as a trial for the digital Yuan. Beijing residents can apply to receive 40 million renminbi through a couple of banking apps. The lottery applicants could receive one out of 200,000 “red packets” that contain 200 renminbi each. Winners can spend the digital currency with the chosen merchants.

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