China 'Airdrops' $1.5M in Digital Yuan to Its Citizens

China 'Airdrops' $1.5M in Digital Yuan to Its Citizens

By Abhimanyu Krishnan | News | 13 Oct 2020


China’s state-run bank, the People’s Bank of China, has airdropped $1.5 million worth of Digital Yuan to its citizens in a large scale lottery that was organized in the first week of October.

  • 50,000 citizens, selected at random, were each given 200 yuan ($30) of the digital currency, which is usable at designated retailers in Shenzhen’s Luohu district
  • The retailers include grocery stores, pharmacies and stores like Walmart
  • China is racing to launch its digital currency, having piloted the technology earlier this year, while other countries are beginning to launch digital currencies of their own
  • The Financial Stability Board (FSB) on October made high-level recommendations to G20 countries on stablecoin regulation, as they plan to integrate the technology into the banking system

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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